Aluminum wiring may not pass your local wiring codes. The problem of thermal expansion and contraction tends to loosen connections at screw terminals. This creates high resistance connections which can over-heat and/or cause sparking. Both are serious fire hazards. Check with a qualified electrical contractor or building inspector.
From Steve of "This Old House"
Steve says : I'd suggest calling a competent electrician to give you a bid on both making the existing system safer or rewiring altogether. Aluminum wiring can lead to loose connections, excessive overheating and fire-and the possibility of an electrical fire is something to avoid at all costs.
And the NEC says:
http://www.homewiringandmore.com/aluminum/index.html
One of the main reasons that Aluminum is used instead of copper is that it is a lot cheaper than copper. Sometimes Copper was 4 times as expensive as Aluminum.
Edit Also ". Aluminum wiring is still permitted and used for certain applications, including residential service entrance wiring and single-purpose higher amperage circuits such as 240V air conditioning or electric range circuits. "
From
http://www.inspect-ny.com/aluminum.htm