Gabriel has said of the song's meaning, "It's about being prepared to lose what you have for what you might get ... It's about letting go." Former bandmate Tony Banks acknowledges that the song reflects Gabriel's decision to break ties with Genesis, but it can be also applied in a broader sense.
"Solsbury Hill" was recorded by British synthpop duo Erasure in 2003 for their cover versions album Other People's Songs and released as a single in the UK on 6 January 2003 and in the US on 14 January 2003. This Erasure single became a hit, reaching No. 10 on the UK single chart in January 2003, No. 7 in Denmark, No. 29 in Germany, No. 39 in Sweden and No. 41 in the Republic of Ireland. The track was chosen for the album by Erasure member Vince Clarke. Clarke and singer Andy Bell turned the song into a mid-tempo electronic dance tune, displaying the signature Erasure sound. The only major change made to the structure of the song was the modification of the 7/4 time signature to a more basic 4/4—except for the chorus, which slips back into 7/4 time for one line.
In 2010, Lou Reed released a version of the song, as part of the project "Scratch My Back" where Peter Gabriel did cover versions of other artists, and letting them provide covers of his songs, in return. Lou Reed’s version has nothing at all to do with Gabriel’s merry original. Reed has transformed the original into a completely different song, just like Gabriel did with many of the songs on "Scratch My Back".
In April 2013 an instrumental version of Solsbury Hill was included in guitar player Steve Hunters album The Manhattan Blues Project. Hunter had played on the original Peter Gabriel (1977 album) recording and he invited his friend and original Solsbury Hill bass player Tony Levin to play bass on the track. In the 2014 biography by Daryl Easley Without Frontiers Gabriel gave Hunter credit for coming up with the guitar parts which became a signature for the song.