(CNN) - Solar power may only be a fraction of the nation's energy supply, but the industry had a record year in 2012.

A new report from the Solar Energy Industries Association says over 3.3 gigawatts of solar power was installed last year.

According to the trade group, that's enough to power about 500,000 homes and a 76 percent increase from 2011.

The industry is still struggling with consolidation and bankruptcies, But it credits the jump to the declining price of solar panels, stable tax incentives and better financing options.

CNN