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Abstract This paper presents an observational and experimental study of the basking behaviour and heat exchange rate of the montane lizard Lacerta monticola. The results obtained by these procedures were coupled in order to understand behavioural mechanims promoting effective thermoregulation at high altitudes. Heating rate was higher when body size was smaller, and substrate temperature and sun rays incidence angle were higher. The lizards cooled faster when body size and substrate temperature were lower, and when the body temperature of the lizard going into shadow was higher. Time exposed to sun and mean duration of basking periods were longer early in the morning, while bask frequency increased through the morning. Our results suggest that time devoted to basking is mainly obtained by regulating bask duration. Lizards obtained the necessary time for heating by means of long basking periods. Mean travel distance per minute and distance to the nearest refuge increased from early morning to midday. These behavioural variables were tightly correlated with the expected heating rate of individuals. Body size affects thermoregulatory behaviour as well as locomotor activity. Juvenile lizards, with small body mass and high surface‐to‐volume ratios, were subjected to faster heating and cooling rates, basked more frequently than adults (but during shorter periods), and devoted more time to locomotion than adults. The thermoregulatory behaviour of L. monticola is the result of the combination of shuttling heliothermy by basking and the exploitation of thermal opportunities offered by patches in shade through thermal exchange with the substrate.