The new version, which costs between $7,500 and $11,000 depending on the size of the unit, is both thinner and a lighter colour to better fit in with the white roofs which have to be built as standard on every house in the Island.
But the solar technology and performance are the same as before and each has a 10-year warranty.
Solar Bermuda president Jamie Smith and project manager Andrew Davis have been working on the new model since October 2009 and have a prototype set up in their offices on Spurling Hill, which they plan to market this Autumn and bring in based on demand.
They claim the product offers a five-year return on the user's investment, with customers recouping their original outlay through lower electricity bills, depending on the size of their hot water heater.
For example, an 80 gallon hot water heater costs approximately $9,500 and will save around $150 per month, representing a 19 percent return on your investment.
"It is purely a cosmetic change - the performance is still the same," said Mr. Smith.
"We just wanted it to look and feel more like it fitted with Bermuda because we felt the need to protect the Island's image while at the same time moving forward with the new technology.
"We asked our manufacturer to stick their neck out for us and to make the aesthetic change, so they have modified the panel and made it thinner, and basically tailored it for the Bermuda market.
"We also wanted to get away from the black edged panel because we don't think that they suit the Island, so we went for a silver colour instead."
Indeed, the uptake of solar panels has become much more prevalent in Bermuda in recent times, with Solar Bermuda alone having a client base of between 30 and 40 individuals who have invested in the system.
This particular product uses a Helioflow system that allows Solar Bermuda to monitor its clients' systems wirelessly, with a controller placed in the appliance including a wireless transmitter which in turn allows the system information to transfer to Solar Bermuda's laptop.
It enables Solar Bermuda to assess the equipment without the need for the customer to be on site and allows the user to control the unit from the Internet, for example, at work or on holiday.
