U.S. solar power industry on the rise

The solar power market in the U.S. is on course for another record-breaking year.

Just 10 years ago, natural gas power plants were dominating energy generation. Today, the equation has tipped and the U.S. Energy Information Administration reports that solar energy systems will surpass the installations of all its counterparts, according to the Guardian.

"I think it will actually be bigger than people are projecting," said Jigar Shah, president and co-founder of Generate Capital, a clean energy investment firm based in San Francisco. "The solar industry is booming right now."

A new report from GTM Research and the Solar Energy Industries Association predicts that 14.5 gigawatts of solar power will be installed this year. This record-breaking increase would nearly double the record 7.5 gigawats installed last year, according to the source.

In 2015, solar installation revenue increased to $22 billion from the year previous. Figures from 2016 are already proving promising as well.

According to Green Tech Media, solar power comprised 64 percent of new generation energy in the U.S. within the first quarter of 2016 alone. Adding 1,665 megawatts of solar PV, the sector created more new capacity than nuclear, natural gas and coal combined for this period.

After a record-breaking 2015, the solar power market in the U.S. is on track to top last year's figures.