12.22.2006 - 08:00am ET

(CSRwire) TOLEDO, OH., December 22, 2006 – Homeowners can stay warm this winter and save on energy costs by taking advantage of the Energy Policy Act (EPAct), which provides tax credits to homeowners who make energy efficient home improvements. Despite the wide array of financial incentives offered through the EPAct, a recent survey conducted by leading building materials manufacturer Owens Corning (NYSE: OC) found that 85 percent of homeowners don't know about them. The good news? There’s still time to act before the end of 2006 in order to save money come tax season and offset this year’s holiday spending.

"By tuning in to the tax credits available through the EPAct, homeowners can literally feel the difference—both in the comfort of their home and in their wallet," said Lani Macrae of the U.S. Department of Energy's ENERGY STAR® program. "The Act provides immediate incentives for improvements that pay off year after year."

Through the EPAct, a tax credit of up to $500 is available to homeowners who make energy efficient home improvements between January 1, 2006 and December 31, 2007*. In some cases, homeowners of newly constructed homes have until December 31, 2008 to reap these benefits. Homeowners who want money back from the taxman in April 2007 have until the end of the year to make changes. Owens Corning suggests the following tips for taking advantage of tax credits and decreasing environmental impact:

Install tankless or electric pump water heaters

"The attic is one of the most cost-effective and easiest places to insulate, yet only 20 percent of homes in the United States built before 1980 are insulated to current energy efficiency standards," said Bill Rossiter, director of marketing for insulation systems at Owens Corning. "By taking energy efficient steps now, such as adding insulation to the attic, homeowners will see immediate savings** on home energy costs and get money back come April."

Ironically, while the survey's findings revealed most Americans are unaware of the EPAct's benefits, 95 percent agree it’s important to save energy and increase our energy independence, signaling that lack of knowledge, not lack of concern are the reason so few are capitalizing on the act.

*For qualified energy-efficient improvements, refer to the Energy Policy Act of 2005 and check with your accountant or the IRS for further details on how to claim your tax credit.

**Savings vary. Find out why in the seller’s fact sheet on R-values. Higher R-values mean greater insulating power.

Energy Star is a registered trademark of the Environmental Protection Agency.

For more tips and information that help homeowners comply with the EPAct, go to www.owenscorning.com.

About Owens Corning

Owens Corning (NYSE: OC) is a world leader in building materials systems and composite solutions. A Fortune 500 company for more than 50 years, Owens Corning people redefine what is possible each day to deliver high-quality products and services ranging from insulation, roofing, siding and manufactured stone veneer, to glass composite materials used in transportation, electronics, telecommunications and other high-performance applications. Since the company’s founding in 1938, Owens Corning has become a market-leading innovator of glass fiber technology with sales of $6.3 billion in 2005 and 20,000 employees in 26 countries. Additional information is available at www.owenscorning.com.

For more information please contact:

Kerry Desberg
419.248.5939

Chris Grams
312.729.4364

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