This paper presents an environmental impact assessment of the entire cycle of existence of the tube-vacuum solar collector prototype. The innovativeness of the solution involved using a phase change material as a heat-storing material, which was placed inside the collector’s tubes-vacuum. The PCM used in this study was paraffin. The system boundaries contained three phases: production, operation (use phase), and disposal. An ecological life cycle assessment was carried out using the SimaPro software. To compare the environmental impact of heat storage, the amount of heat generated for 15 years, starting from the beginning of a solar installation for preparing domestic hot water for a single-family residential building, was considered the functional unit. Assuming comparable production methods for individual elements of the ETC and waste management scenarios, the reduction in harmful effects on the environment by introducing a PCM that stores heat inside the ETC ranges from 17 to 24%. The performed analyses have also shown that the method itself of manufacturing the materials used for the construction of the solar collector and the choice of the scenario of the disposal of waste during decommissioning the solar collector all play an important role in its environmental assessment. With an increase in the application of the advanced technologies of materials manufacturing and an increase in the amount of waste subjected to recycling, the degree of the solar collector’s environmental impact decreased by 82% compared to its standard manufacture and disposal.