as illustrated in fig2 - 4 and 6 - 7 , a first embodiment of an insulation panel 10 , preferably constructed from eps , includes a first side 11 , a second side 12 , a third side 13 , a fourth side 14 , a first or facing surface 16 , and a second or exterior surface 28 . the panel 10 has a physical structure that contains voids permitting the migration of water therethrough . the panel 10 also has an internal conduit system 15 for removing water . the internal conduit system 15 includes a first conduit 20 , a second conduit 22 , a third conduit 24 , and a fourth conduit 26 . preferably first and second conduits 20 and 22 are substantially vertical and third and fourth conduits 24 and 26 are substantially horizontal . although in this first embodiment four conduits 20 , 22 , 24 and 26 form a grid - like pattern , one of ordinary skill will readily recognize that other patterns and / or numbers of internal conduits may be used . preferably , conduits 20 , 22 , 24 , and 26 are substantially circular in shape having diameters of approximately 0 . 25 inch to 0 . 375 inch . however , other shaped conduits , such as rectangular or triangular , may be utilized . typically , the panel 10 has a thickness 19 of 1 to 4 inches . conduits 20 , 22 , 24 , and 26 are positioned within 0 . 125 to 0 . 25 inch from the surface 16 facing the building . the panel 10 also includes a slit 18 , typically having a width 21 of 0 . 047 inch , running around its perimeter 17 created by a hot wire cutting device when creating the conduits 20 , 22 , 24 and 26 . the slit 18 extends from the perimeter 17 of the panel 10 to the conduits 20 , 22 , 24 and 26 . when attaching the panel 10 to a substrate , typically mastic is applied to the facing surface 16 . due to their location , neither the slit 18 nor the conduits 20 , 22 , 24 and 26 come into contact with the mastic , thereby preventing the conduits 20 , 22 , 24 and 26 from being blocked with mastic . as illustrated in fig4 a panel system 30 includes staggered rows of insulation panels 10 a - m . preferably , each panel 10 a - m is attached so that their slits 18 a - m abut and align with another panel &# 39 ; s slits 18 a - m . the panel system 30 removes water seeping in around a window 32 , or water that has penetrated and built - up within the panels 10 a - m . the panel system 30 is designed to route water to vertical conduits for expedited discharge to the ground . the following example illustrates one way the system 30 discharges water accumulated underneath the panels 10 a - m . for this example , water is assumed to seep in and accumulate underneath the panel 10 b at point a of a frame 33 of the window 32 . in addition , the ground 34 slopes so that a panel 10 a elevated slightly higher than a panel 10 d . initially , accumulated water at a travels downward through a panel 10 b , via a slit 18 b or through voids in the panel 10 b , to a substantially horizontal conduit 24 b . next , due to the slope of the ground , the water travels along the substantially horizontal conduit 24 b and into a substantially vertical conduit 22 b . water flows relatively rapidly downward through the substantially vertical conduit 22 b until it reaches a panel 10 g . water then travels downward through the panel 10 g , via a slit 18 g or through voids in the panel 10 g , until it reaches a substantially horizontal conduit 24 g . next , due to the slope of the ground , the water travels along the substantially horizontal conduit 24 g and into a substantially vertical conduit 22 g . water then flows relatively rapidly downward through the substantially vertical conduit 22 g until it reaches a panel 10 l . water then travels downward through the panel 10 l , via a slit 18 l or through voids in the panel 10 l , until it reaches a substantially horizontal conduit 24 l . next , due to the slope of the ground , the water travels along the substantially horizontal conduit 24 l and into a substantially vertical conduit 22 l . subsequently , the water travels relatively rapidly downward through the conduit 22 l to the ground 34 . the system 30 quickly and effectively removes moisture between the panels 10 a - m and the underlying substrate . as illustrated in fig8 - 10 , a second embodiment of a panel 110 , preferably insulation constructed from eps , includes a first side 111 , a second side 112 , a third side 113 , a fourth side 114 , a first or facing surface 116 , and a second or exterior surface 128 . the panel 110 has a physical structure that contains voids permitting the migration of water therethrough . the panel 110 also has an internal conduit system 115 for removing water . the internal conduit system 115 includes a first conduit 120 , a second conduit 122 , a third conduit 130 , a fourth conduit 132 , a fifth conduit 124 , and a sixth conduit 126 . preferably , the first , second , fifth and sixth conduits 120 , 122 , 124 , and 126 are substantially vertical and the third and fourth conduits 130 and 132 are substantially horizontal . although in this second embodiment six conduits 120 , 122 , 124 , 126 , 130 and 132 form a grid - like pattern , one of ordinary skill will readily recognize that other patterns and / or numbers of internal conduits may be used . preferably , conduits 120 , 122 , 124 , 126 , 130 and 132 are substantially circular in shape having diameters of approximately 0 . 25 inch to 0 . 375 inch . however , other shaped conduits , such as rectangular or triangular , may also be utilized . typically , the panel 110 has a thickness 119 of 1 to 4 inches . the conduits 120 , 122 , 124 , 126 , 130 and 132 are positioned within 0 . 125 to 0 . 25 inch from the surface 116 facing the building . the panel 110 also includes slits 121 , 123 , 125 , 127 , 131 , and 133 , each typically having a width of 0 . 047 inch , created by the hot wire cutting device when creating conduits 120 , 122 , 124 , 126 , 130 and 132 . slits 121 , 123 , 125 , 127 , 131 , and 133 extend from the facing surface 116 to respective conduits 120 , 122 , 124 , 126 , 130 and 132 . when attaching the panel 110 to a substrate , typically mastic is applied to the facing surface 116 . but unique features of the slits 121 , 123 , 125 , 127 , 131 , and 133 prevent mastic from reaching and plugging the conduits 120 , 122 , 124 , 126 , 130 , and 132 . the mastic easily plugs and seals the small openings of the slits 121 , 123 , 125 , 127 , 131 , and 133 when attaching the panel 110 to a substrate . in addition , applying pressure to the panel 110 during attachment to the substrate closes the slits 121 , 123 , 125 , 127 , 131 , and 133 due to their angled cut with respect to the facing surface 116 . these features of the slits 121 , 123 , 125 , 127 , 131 , and 133 prevent mastic from reaching and blocking conduits 120 , 122 , 124 , 126 , 130 and 132 . as illustrated in fig1 , a panel system 140 includes staggered rows of insulation panels 110 a - m . the panel system 140 removes water seeping in around a window 142 , or water that has penetrated and built - up within the panels 110 a - m . the panels 110 a - m are attached to the substrate so that their vertical conduits are aligned . the panel system 140 is designed to quickly route water to vertical conduits for expedited discharge to the ground . the following example illustrates one way the system 140 discharges water accumulated underneath the panels 110 a - m . for this example , water is assumed to seep in and accumulate underneath the panel 110 b at point a of a frame 143 of the window 142 . in addition , the ground 134 slopes so that a panel 110 a is elevated slightly higher than a panel 110 d . accumulated water at a initially travels downward through a panel 110 b to a substantially horizontal conduit 130 b within the panel 110 b . next , due to the slope of the ground , the water travels along the substantially horizontal conduit 130 b and into a substantially vertical conduit 122 b . water flows relatively rapidly downward through the substantially vertical conduit 122 b until it reaches a corresponding vertical conduit 126 f in a panel 110 f . water then travels relatively rapidly downward through the conduit 126 f until it reaches a corresponding vertical conduit 122 k in a panel 110 k . subsequently , the water travels relatively rapidly downward through the conduit 122 k to the ground 134 . the system 140 quickly and effectively removes moisture between the panels 10 a - m and underlying substrate . because water may travel through voids within the structure of the panel 110 , a modified internal conduit system 115 could include only two substantially vertical conduits and two substantially horizontal conduits for each panel 110 . when the panels 110 are arranged in staggered rows to form the panel system 140 , the vertical conduits for each row are offset . water accumulated at point a of the system 140 would flow similarly as previously described for the panel system 30 . although the preferred embodiments utilized insulation panels constructed from eps , the conduit systems 15 and 115 may be used in other types of external paneling besides insulation . furthermore , although the preferred embodiments utilized substantially rectangular panels having a length of 48 inches and a width of 24 inches , other shapes , such as squares or triangles , or sizes of panels may also be utilized . from the foregoing description and illustration of this invention it is apparent that various modifications may be made by reconfigurations or combinations producing similar results . it is , therefore , the desire of the applicant not to be bound by the description of this invention as contained in this specification , but be bound only by the claims as appended hereto .