A simulation model for the dynamic thermal performance of building with Transparent Insulation Materials (TIM) placed on one of its walls/roof slab has been developed to investigate the effectiveness of TIM device for energy savings in the buildings located in cold climates. An explicit expression for the heat flux entering the indoor space through the walls/roof of the building has been derived. Ground is approximated as a semi-infinite media for heat loss calculations. The simulation results for the typical winter day at Boulder (40ì N), Leh (34ì09∏ N, altitude 3414m) and New Delhi (28ì35∏ N, altitude 216m) show that the total heat flux entering the living space increases with the depth of TIM device and significant energy savings may be obtained with a panel of depth 10-15 cm. The load-levelling factor of heat flux decreases with the thickness of walls/roof slab as well as the depth of TIM device. Suitable control strategies are, therefore, required to prevent overheating and discomfort.