The potential savings on water heating bills depend on the type of fuel you are using and the number of people in the home or building. If you are heating hot water with electricity or natural gas for two or more people, then solar water heating could be a great investment for you. You can invest today in a solar hot water heating system and enjoy lower monthly energy bills. Your solar system savings, along with financial incentives will offset your payments, so you will actually own your solar water heating system at the end of six to eight years. Remember that all solar savings are in non-taxable income, so a dollar saved on your water heating expense is equivalent to $1.30 or more.