An applied electric field can reversibly change the temperature of an electrocaloric material under adiabatic conditions, and the effect is strongest near phase transitions. This phenomenon has been largely ignored because only small effects (0.003 K V^-1) have been seen in bulk samples such as Pb0.99Nb0.02(Zr0.75Sn0.20Ti0.05)0.98O3 and there is no consensus on macroscopic models. Here we demonstrate a giant electrocaloric effect (0.48 K V^-1) in 300 nm sol-gel PbZr0.95Ti0.05O3 films near the ferroelectric Curie temperature of 222oC. We also discuss a solid state device concept for electrical refrigeration that has the capacity to outperform Peltier or magnetocaloric coolers. Our results resolve the controversy surrounding macroscopic models of the electrocaloric effect and may inspire ab initio calculations of electrocaloric parameters and thus a targeted search for new materials.