The invention comprises a relatively lightweight cementitious-based material panel. The cementitious-based material panel comprises a foam insulating panel having a first surface and a second surface; a first structural layer of cementitious-based material formed on the first surface of the foam insulating panel and affixed thereto; and a second non-structural layer of cementitious-based material formed on the second surface of the foam insulating panel and affixed thereto. The second non-structural layer of cementitious-based material is substantially thinner than the first structural layer of concrete. The second non-structural layer of cementitious-based material is preferably formed from polymer modified concrete, plaster or mortar. A method of making the cementitious-based material panel is also disclosed.