The BV site has some guidelines on duct insulation here http://www.bobvila.com/ArticleLibrary/Subject/HVAC/Insulation/InsulatingDucts.html
You should be able to insulate using faced fiberglass insulation much less expensively than something like the foil faced foams. It is bulker, but much cheaper. Just use kraft or foil faced insulation and wrap it around the duct, securing with twine or wire. Precut rolls into batts of the correct length to wrap around the duct with the facing to the outside. Installation does not need to be tight, but should overlap to prevent large openings. Thinner R6 is easier to work with, but select R value based on your needs from the link above.