I have a long post
here arguing that solar electric is more cost-effective than solar thermal. This is particularly true where net metering is the law (as in Rhode Island) and if you use a heat pump water heater.
The more complicated question is whether solar is price competitive with other energy sources. That is determined by the cost of solar, including subsidies, and the cost of alternatives. In most places where solar is popular there are extensive local subsidies. To my knowledge there are no longer any local subsidies in Rhode Island, just the federal 30% tax credit for your primary residence. There is a sales tax exemption and a local property tax exemption.
I recently had a solar electric system installed on a house I own in another state. The installed cost was $690 per 250 watt panel, which included everything. The panels cost about $250 each, the fittings are probably another $250 so you could save a significant amount by doing the installation yourself. Each panel produces about 335 kwh of electricity a year. Rhode Island has expensive electricity, I think I'm paying $.15/khw, so that's $50 worth of electricity a year per panel.
With an installed cost of $690, the federal tax credit of 30% gives a net cost of $483. At $50 per year that's just under a ten-year payback period. That's not great, but it's not outrageous. It also means you're protected against electric rate hikes, odds are the price of electricity is going up over the next ten years so the actual payback is shorter.
If you can reduce the installation cost the payback shortens. At $500 per panel, net $350 after taxes, the payback is seven years.
The other part of the equation is what are the alternatives to electricity for heating water. We don't have natural gas here, most people use fuel oil, which lately is "wicked high," as they say in the Ocean State. It's controversial, but I believe electricity is cheaper on a year-round basis because of the stand-by costs of running an oil burner outside of the heating season, and I have a heat pump water heater. Propane is even higher than oil. Some use wood to heat water, which is probably the lowest cost option right now, but it's not for me. My dad had coal for a while, he's a flinty New Englander, but not for me either.
So it's worth looking into.