I run a seniors centre that has 5 blocks of units with common HWS, we were running gas storage however the price of gas is rising and will continue to do so, after a great deal of investigation we chose to install a "HeatTrap" this system uses solar panels and uses the heat pump technology to maintain the temp.
They do residential installations in WA, based on current electricity consumption I estimate that it will pay for itself in 3 years and the cost was $24K