Modern waterproof lighting provides several energy efficient options that help you light your fountain without huge increases in your power bill. Solar lighting is the most energy efficient, requiring no electricity. Also, it doesn't need cables, which cuts down on installation time and cost. LED lights, also energy-efficient, encase low-voltage bulbs in waterproof housings, making them safe to change when necessary; just remove the housing and change the light bulb outside the fountain. LED lights also are available in a variety of colors. Halogen underwater lights conserve energy, while incandescent lights present electrical shock dangers if water should seep in and they were not fitted with the correct transformers.
The type of waterproof light that's right for your fountain might depend on how bright the light gets. For mood lighting that is also versatile, fiber optic lights are your best bet. You can wrap the flexible light cables around areas of your fountain to provide gentle light that changes colors. Plus all the electrical components are located outside the fountain; the cables show light projected from an external electrical light box. These lights aren't typically bright, so if you want a well-lit water feature, go for halogen or LED options, especially if you're spotlighting large sections of the fountain. Most solar lights provide medium brightness, depending partly on how much light they absorb from the sun during the day. Solar lights well as accent lights.
When placing lights in and around your fountain, try to hide them as best you can. The glow is much more romantic than the light hardware. Fiber optic lights are the easiest to hide because they come in narrow cables you can attach under fountain ledges to emit a pleasant glow. Look for relatively flat versions of halogen, LED or solar lights to place under the water at the bottom of the fountain for uplighting or along the inside of the fountain basins to project diffused light inward and upward. Make sure the lights come with waterproof electrical cables that you can hide inside the fountain as much as possible; some fountains allow you to run the cables through the center and out through the bottom so you don't have to drape them over the side.
Unless you're using solar lights, waterproof fountain lights require special wiring, so consider hiring a professional electrician. Most need a transformer box that helps regulate the voltage to keep the lights safe around water, and this box typically is installed near your house -- far enough away from the fountain so water spray can't reach it. Fiber optic lights have a second box that controls the lights emitted through the cables, and this box also must be protected from water spray.