If any body knows about a solar panel which can perform both the operation in a single panel i.e heating up the water as well as charging the batteries for electricity in a single panel. Please describe me about that and let me know where to look for it.
The proper operating temperature for solar cells is too low to produce hot water that is worth the cost of plumbing. Water cooled solar cells exist, especially when a lens to concentrate the sun is added, but the output water is below 110F to preserve the efficiency and pumping the relatively small volume of not very hot water as input to a hot water heater or house heat doesn't gain much against the cost and maintenance of pump and piping and heat exchanger if in a freezing climate.
That is a million dollar idea if it isn't invented yet
Actually there was a mention of this on one of the green planet shows on TV. The solar panel people used contained a cooling technique to heat something (maybe water) to maintain the efficiency of the solar cells. If they get too hot, they loose efficiency.
Every once in a while, someone tries to do this, but the general problem is that you want the panel as cool as possible for electricity, and as hot as possible for water. Thus, I don't know of any commercial products that do what you ask. If you want hot water and electricity, the standard thing is to install two different kinds of panels, with preference to the location of the electric panels, as they are more sensitive to shading.
