I have never used it before but I think using peg board could be potentially hurtful. The peg board is made of a wood-ish material unless its water treated it could get moldy because of the constant humidity. What you can do is Lowes sells sheets of acrylic realitivly cheap. You can get a 24x18 1\4 inch think piece for about 20$ (rounded up to the high price I paid 13.99$ in CO). Just get a drill and drill in some holes. Not too many but a good amount so that you have some ventilation. Works great on my set up. And it was cheap!