To evaluate the dynamic thermal environments induced by Demand Response (DR) events, researchers have so far mainly relied on the steady-state PMV/PPD method. In this paper, different types of set-point modulations in two case study buildings are used to evaluate Fanger’s PPD predictions against those of a novel dynamic thermal comfort model. The new model is built on the conceptual frameworks of thermal alliesthesia and thermal habituation. It is shown that Fanger’s model is not able to predict the pleasure and displeasure sides of the intermittent modulations. Based on the evaluation of the novel model, the intermittent modulations are found to be particularly beneficial for maintaining thermal comfort in buildings with a low-performance thermal envelope.