Lipids are organic substances that are insoluble in water. They include fats, oils, fatty acids, triglycerides, and phospholipids. Fats are solid at room temperature while oils are liquid. Fatty acids have a carboxyl head and a hydrocarbon tail. Triglycerides are composed of glycerol bonded to three fatty acids, making them insoluble in water but soluble in organic solvents. They serve as energy sources and insulators. Phospholipids have a polar phosphate head and two hydrophobic fatty acid tails, allowing them to be part of cell membranes.