This study presents the tensile properties and cost-property efficiency analyses of a novel composite material type composed of expanded polystyrene as filler, chopped glass fibers as reinforcement agent and epoxy resin as matrix material. Composite specimens were fabricated via expanded polystyrene beads with two different densities, two different length of chopped glass fibers and three levels of fiber/filler weight ratios. Specimens were subjected to tensile tests and cost property analyses were carried out. Experimental studies revealed that novel composite specimens had significantly low density and high specific modulus. Cost-property efficiency analyses revealed that the novel composite is relatively highly efficient material and could be utilized instead of its more expensive counterparts such as conventional plastics or laminated composites especially for non-load bearing applications.