A solar thermal assisted water heating system includes a thermal collector comprising a plurality of fluid channels configured to collect heat from a surface of a photovoltaic module, a drain-back tank coupled to the thermal collector, a first pump coupled to the drain-back tank and configured to pump fluid from the drain-back tank to the thermal collector, a first heat exchanger configured to receive fluid from the thermal collector, a heat pump coupled to the first heat exchanger and configured to remove heat from the fluid and heat water with the removed heat, and a controller configured to control the first pump and heat pump. The system may include a photovoltaic module and a hot water tank. These systems improve the efficiency of water heating, and the drain-back tank may serve as a thermal battery that stores heat and provides the stored heat when environmental temperatures decrease.