Using styrofoam 1" sheets to insulate the sides not viewed through would have a effect on conserving energy. Heating is usually by far the biggest energy consumption on the tank. The glass also has a low insulating effect. Covering the sides will help reduce heat loss, though not stop it completely. Tightly sealing the top of the tank will also help reduce heat loss. If you experience lots of evaporation, its generally a sign that something can be done better. On really cold winter nights when its in the negative teens or more outside I throw a big opened sleeping bag on my 55 in the basement for the night, just disconnect any light timers. Helps the heater from overworking and saves power.
You would be surprised actually at what you can do via cheap, non-ground breaking methods. In summer I disconnect most of my heaters. The tanks run a little on the cool side. I was starring at one of the lights on my planted tank. A 55 watt PC on a 20 gallon. These things get hot. I think I had been flushing my cars radiator a few days before... I got an idea. Basically if you pump tank water through the light fixture and back into the tank. It will have a surprising effect on tank temp. I tested it. It of course has limitations, possible problems/downsides, and of course hazards. It does work though;-).