The present insulation spool apparatus is adapted for lining ductwork with insulation material and includes a pair of spaced apart first and second spool plates for holding and mounting a plurality of rolls of insulation material at one time, each individual roll of insulation material being rotatable into operative position for use. Each spool plate includes a plurality of receptacles for engaging and holding one end portion of an insulation roll support shaft. The spool apparatus may further include a plurality of hook plates for guiding the support shafts into locking engagement with the spool plates, locking mechanisms for holding the support shafts in a locked position with the spool plates, one or more paddle assemblies for providing sufficient tension force to each respective roll of insulation material for preventing premature unwinding during use, and a feeder mechanism for feeding and loading such rolled material onto the spool apparatus.