Abstract: An insulating panel comprises a backing member and a siding member. The backing member has a front face, a rear face, a top face, a bottom face, a first side face, and a second side face. The siding member has a veneer, a top wall, and a nailing hem. The rear face of the veneer is attached to the front face of the backing member. The top edge of the veneer has a hook extending forward and the bottom edge of the veneer extends beyond the bottom face of the backing member and has a lip extending rearward. The top wall of the siding member extends rearward from the veneer, and the nailing hem extends upwards from the rear edge of the top wall, to lie in the same plane as the rear face of the backing member.