A number of constraints have limited solar applications to a very small percentage of global energy utilization. One of these constraints which is the most important one is high cost of solar systems. Especially nowadays the future of solar energy market depends on solar energy system’s cost viability over the traditional energy system. Therefore the manufacturer and researcher are looking for the cheaper solar system options. Solar collector is the main component in a solar water heating system since efficiency of solar collector affects overall efficiency of whole system. This paper presents an analysis of a new solar collector which is made with fibre glass fabric reinforced polyester resin. Fibre glass fabric is relatively cheap material and which is already used as insulation material for underground tanks. A theoretical thermal analysis of 5 different design options was done in this work. Additionally theoretical optic and economic analysis of these designs were done. According to this theoretical calculations design numbered 4 which is top absorber plate design with glazing is the best design option both economical and energy efficiency way. Efficiency test of a prototype collector which is built based on theoretical calculations also have been done in order to get practical results and to evaluate the theoretical and practical cases. And result shows this collector especially in low temperatures is promising for the future using. However still further development of this collector is necessary in order to find optimum design. Also some other characterization tests should be done for various design options.