Measure your walls to determine the number of panels you'll need to cover them. Purchase panels based on the R-value recommended for your geographic location. The higher the R-value, the greater the insulating properties of the panel.
Measure for obstructions and openings on the walls and cut or trim the panels accordingly. Cut the panels by placing a straightedge on the panel and scoring the surface of the panel with a utility knife at the proper location. Snap off the excess foam with your hands.
Apply an S-shaped bead of construction adhesive on the wall where you'll install the panel. Place the panel onto the wall, and press firmly on it until the panel is set in place and doesn't shift.
Cut and trim your next panel, if necessary. Apply it to the wall with adhesive. Continue applying panels until the entire wall is covered.
Cover the seams between the panels with vinyl tape to finish the job.