Insulating a Stock Tank

So I have noticed with the setting up of a new stock tank that energy bills are getting really expensive (around $100 a month) and I am thinking to insulate my tank better to cut down on this cost. Right now using a single roll of insulation I have gone around the sides once. I am thinking that a lot of the heat may be leaving through the un-insulated bottom which has direct contact with the cement basement floor. I have bought two more rolls of insulation to insulate the bottom, the plywood lid and the sides more.
My questions are the following:

1. Will these improvements really cut down on the energy bills that much?

2. Will possibly elevating the stock tank off the ground with cinder blocks or something and then insulating be more effective in conserving energy?

3. If elevating off the ground is a good idea, will the support around the sides only (i.e. resting on the cinder blocks as points of contact) cause the unsupported center of the tank to bow and crack from stress?

Thanks,
Greg

 

Rossco - do you mean your frame gets the stock tank 12" off the ground? Does the frame just go in a sort of a rectangle that just supports the outside edges if you know what I mean? Or is there some support under the center of the tank? Like I said with all the weight of the water in there I am worried that the center will bow down and crack. Is this a possible issue or not?

 

I see... so you are setting it on the plywood which is basically creating an elevated platform that you can insulate under.
If I don't want to go through all that effort though (doesn't look like I'll have all that much time right now) will insulating it with fiberglass roll type (lid as well) still help considerably?
And again if I go this path will elevating it off the concrete in some way help? Or just leave it on the floor and have it sit on a few layers of fiberglass insulation?
Thanks,
Greg