A modular insulation panel provides insulation to a cabinet having lateral side walls, a back wall and a top wall. A main panel assembly insulates a lateral side wall, wherein the main panel assembly includes a framed double wall structure with a space therebetween for providing insulation to the lateral side wall. An auxiliary panel assembly insulates the back wall, wherein the auxiliary panel assembly includes a framed double wall structure with a space therebetween for providing insulation to the back wall. A hinge hingedly attaches the frame of the main panel assembly to the frame of the auxiliary panel assembly.