An inflatable or gas-filled insulation panel comprises an envelope having two outer sheets sealed together along edges of the sheets and at least one of the sheets has an outer reflective surface. The envelope encases a plurality of internal films that include a polymeric film having a plurality of reflective stripes disposed thereon and spaced apart on the films. Seals are formed along the gaps or areas between the reflective stripes on the films by application of heat and pressure, which causes the films to seal to each other and the outer sheets at spaced apart intervals. A channel is formed between the outer edges of the films and the outer sheets, and a valve, disposed at an end of the panel, is in fluid communication with the channel for the injection of a fluid, such as an inert gas or air, to inflate panel.