Due to their heat/cool storage characteristics, thermostatically controlled loads (TCLs) play an important role in demand response programmers. However, modeling of the heat/cool storage characteristic of large numbers of TCLs is not simple. In this paper, the heat exchange power is adopted to calculate the power instead of the average power, and the relationship between the heat exchange power and energy storage is considered to develop an equivalent storage model, based on which the time-varying power constraints and the energy storage constraints are developed, to establish the overall day-ahead scheduling model. Finally, the proposed scheduling method is verified using the simulation results of a six-bus system.