The "Cost Savings on Energy Saving Purchases Act" proposes an exemption from sales and use tax for the retail sale of various energy-saving products and services in New Jersey. This includes items such as insulation, LED light bulbs, window caulk, furnace filters, weather stripping, light colored roof shingles, reflective roofing tar or paint, window and door insulation kits, ductwork sealing and repair products, heating and cooling system tune-up services, and tankless water heaters. The bill aims to encourage the adoption of energy-efficient solutions by reducing the financial burden on consumers.

Additionally, the bill defines "energy-saving products and services" as any product or service primarily designed and marketed to reduce energy consumption in residential and commercial buildings. It also provides specific definitions for various items included in the exemption, such as ductwork sealing and repair, insulation, and LED light bulbs, among others. The act is set to take effect immediately and will apply to sales made on or after the first day of the second month following its enactment.