The Moon’s environmental conditions present limited opportunities for waste heat dissipation, so internal heat gains (IHG) are a key component of thermal balance in a lunar building. Despite the significant development in energy saving and energy storage technologies of the last thirty years, the issue of IHG in lunar buildings has not been readdressed since the early 1990s. This study is based on an inspection of internal heat sources conducted aboard LUNARES, the first European extraterrestrial analogue habitat. The equipment absent on LUNARES, but indispensable for an actual lunar base, was identified and accounted for, along with additional laboratory and maintenance equipment. Three main groups of internal heat sources were identified and studied in detail. Waste heat generated by electric devices was accounted for, along with occupational heat loads adjusted for lunar partial gravity conditions. Assuming a photovoltaic power source for the studied building, two alternative energy storage systems (ESS) were analysed as another source of waste heat. Depending on the time of lunar day and applied ESS, the nominal IHG were between 73 and 133 W/m2. The most significant internal heat sources in a lunar base are life support systems and potentially, regenerative fuel cells; thus, lithium−ion batteries were recommended for ESS. Within assumed parameter range, parametric study exhibited differences in IHG between 41.5 and 163 W/m2.