The use of solar energy in water heating applications, such as in solar-assisted heat pump systems, has great benefits, such as reductions in heat transfer losses, control over incident solar heat, and generation of environmentally benign water heat. In the present study, we performed parametric optimization based on an experimental model of a solar-assisted heat pump system for water heating (SAHPSWH) in the context of colder climatic regions receiving minimal solar radiation. Various parameters were investigated, such as the different glazing arrangements, the distances between fluid-circulating tubes, and the absorber sheet arrangement. The results showed that double glazing was more efficient than single glazing, with average COP values of 3.37 and 2.69, respectively, and with similar heat gain rates. When the evaporator tube was soldered below the absorber plate, the COP was 1.19 times greater than when the tube was soldered above the absorber plate. We also analyzed whether the collector efficiency factor F′ has an inverse relationship with the tube distance and a direct relationship with the absorber plate thickness. Through this experimental study, we verified that the SAHPSWH is reliable if designed judiciously. This promising energy-saving system is particularly suitable for areas abundant in solar radiation, such as in India, where the needs for space conditioning and water heating are constant.