An insulating siding panel comprises a backing member, and a siding member. The backing member comprises a front face, a rear face, a top face, and a bottom face. The siding member has an upper end, a lower end, and a nailing divot. An upper end of the backing member combines with the upper end of the siding member to form a tongue. A groove is defined in the bottom face of the backing member that is complementary in shape to the tongue. The nailing divot of the lower panel may be concealed by a front section of the backing member of the upper panel.