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A combination of mylar and the board would be good. Glass itself actually isn't all that great of an insulator. Why it is usually used in insulation is because it can be used to trap air (or better, vacuum), which, as Tavel said, is a great insulator.
The foam board will help keep the cold air from the wall from coming into contact with the glass, and the mylar (on the inside of the board) would help feed heat back into the tank. If you want a darker background, you can splurge and get some of the darker mylar. Not as reflective, but will look better, probably.
Another thought would be to hang something on the wall behind the tank (a tapestry, of sorts). This was a common tactic in earlier ages when a poorly-insulated wall was in a commonly used area. It provided an extra measure of insulation.
All just ideas. Good luck with your heating situation.
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