I second using sheets, at least for the base material.
I'd go to Goodwill, although they are not the cheapest of thrift stores, and stock up on snowy white flat discarded hotel sheets. (Goodwill has central distribution, and their branches always have these sheets, so it stands to reason at least one major hotel chain is getting a fat tax write off by donating the just starting to wear sheets to the charity.) These sheets will match, they'll be large enough to make nice panels from, and being 100% cotton for the most part, they'll take dyeing and stenciling if you want to dress them up.
Most likely we'll be doing the same for our windows.
Depending on where you are in NJ there are two major decorator fabric stores in Greenbook on 22, basically next door to each other: NJ Fabric and Fabricland. Fabricland sells premade cheap panels, and I'm sure you can get a volume discount, plus things are on sale right now. NJ Fabric is just decor fabric and tends to be cheaper, I'd look for the discounted remnants of bolts in a few coordinating designs. It's worth a look, they could easily work out cheaper than Goodwill. Even Jo-Ann's is running some excellent sales until the 24th.
For the hanging hardware, I doubt you'll get a better price than IKEA.