Fruit tree production is challenged by climate change, which is characterized by heat waves, warmer winters, increased storms, and recurrent droughts. The technology of top netting may provide a partial solution, as it alleviates climatic effects by microclimate manipulation. The tree physiological performance is improved under the nets, with an increased productivity and quality. The application of photoselective nets, which also alter the light spectrum, may result in additional horticultural improvements. We present the results of a 5-year experimental study on Valencia oranges, examining three nets: red, pearl, and transparent. Each net was tested at three fertigation conditions: a field standard (100%, I100) and two reduced fertigation regimes, which were 80% (I80) and 60% (I60) of the standard. The average multi-annual yield under the red and pearl nets with I100 and I80 and transparent net with I100 was significantly higher than that of the control trees. While the multi-annual yield increase under the red net I80 was due to the increase in the fruit number, in other treatments, the effect was mostly due to induction in the individual fruit weight. The data presented here show that an increased productivity of orange trees grown under photoselective nets, particularly the red net, with its specific spectral properties, was achieved with a considerable water-saving effect.