It is an interesting question. If your goal is to go from solar energy to hot water, what is the cheapest way to get there?
As I see it, some options are:
solar thermal, eg. the nifty vacuum insulated tubes that absorb sunlight but don't leak much heat
solar PV running a heat pump water heater
solar PV running a heat pump water heater where the evaporator is thermally integrated with the solar panels
solar PV running an inverter running a resistance water heater
solar PV running a resistance water heater directly
solar PV running a non-linear water heater
concentrated solar thermal
The solar thermal approach is probably the most efficient, though the the solar PV/heat pump/thermally integrated solar panels might be more efficient because you reduce thermal losses in your collection area.
But when the sun is your energy source, cheap is usually better than efficient.
-Jonathan