I found this product where I could just use one piece of insulating material. It has adhesive on one side, so I just put regular aluminum foil on that side.

Then I used a template that I drew up in my CADD software and plotted out full size.

Cut out the foil piece...

And taped on the heat cable with aluminum tape...
I only used about 50% of the heated portion on the cable.

And the finished piece ready to get stuffed into the rain collector.

I have about $50 invested, but that includes making two of these and I have plenty of the insulating material left over, so I don't have much over $20 total per heater invested.
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