I just finished my peg board in my garage. I got some 3/4 foam sheets and used liquid nails to glue it to the wall, then I used liquid nails to glue the peg board to the foam. Then I just used a few deck screws along the studs in the wall to help hold it all up. Its all inside a frame of course. The best part is the foam keeps the entire surface from flexing and the hooks go right in.