Sure. An electric water heater can be 30% of your electric bill!
So if you spend a couple of thousand dollars installing a solar water
heater, it will pay for itself quite soon.
Also there are tax credits and some electric companies or local
organizations may help to pay for the installation or provide low interest
And a solar water heater will work even in the winter. It does not need to
be hot outside.
But the thing with solar water heaters is that you are running all those
pipes outside. Don't want to run water through the pipes as this will freeze
in the winter! Instead they run a "solution" which will not freeze, then
circulate that to a heat exchanger with in turn heats the water in your
The best solar water heaters also have a solar electric panel and this runs
the circulation pump. Look in yellow pages for solar. Ask local solar
companies about tax credits, loans, etc. for your area.