The growing use of variable energy sources is pushing the need for energy storage. With Pumped Hydro Energy Storage (PHES) representing most of the world’s energy storage installed capacity and given its maturity and simplicity, the question stands as to whether this technology could be used on a smaller scale, namely in buildings. In this paper, the feasibility of such an installation is analysed by modelling each one of its components and applying it to several installation scenarios. Proposed and existing installations are also reviewed, including a first-time analysis of an installation in France, which is presumably the only existing building with an integrated PHES system. It was found that the economies of scale that render large PHES installations competitive are not present in small installations. This limitation, associated to other important disadvantages, such as the large volume required, seem to point out PHES as an ill-suited solution for energy storage in buildings, an important finding for building design and energy policy. Nevertheless, if synergies with existing reservoirs could be found (for example for a building on a riverside), costs could be significantly lowered. Further research on possible synergies with other building systems as well as a life-cycle assessment analysis are recommended.