The solar energy development in Greece started in 2006 and was skyrocketed from 2009 onwards because of the high feed-in tariffs introduced and the corresponding regulations for domestic applications of photovoltaics (PV) on rooftops. However this mechanism overheated the market creating a big deficit of more than 500 million euros in the Greek "Operator of Electricity Market". Because that boom in the market couldn't be sustained, since August 2012 new regulations have been introduced including a temporary tax imposed to all operating PV plants (residential applications excluded), licencing of new PV projects have been put on halt and the feed-in tariffs were drastically reduced. 
Development of solar power in Greece has been proposed as a way of getting Greece out of debt. Greece has proposed the largest to date anywhere in the world solar power plant, 3,000–10,000 MW, Project Helios, to be built in sections, in locations to be determined. By December 2013, the total installed photovoltaic capacity in Greece had reached 2,419.2 MWp  from which the 987.2 MWp were installed in the period between January-September 2013 despite the unprecedented financial crisis.  Greece ranks 5th worldwide with regard to per capita installed PV capacity. It is expected that PV produced energy will cover up to 7% of the country's electricity demand in 2014.