(1) The total amount of potential tax credits for certified renewable energy development contributions in this state may not, at the time of certification under ORS § 315.326, exceed:

(a) $3 million for any biennium; or

(b) $750,000 for the six months beginning July 1, 2017, and ending December 31, 2017.

(2) In the event that the Director of the State Department of Energy receives applications for grants under ORS § 469B.256 in excess of the contributions received pursuant to ORS § 315.326, the director shall allocate the issuance of grants according to standards and criteria established by rule by the director. [2011 c.730 § 32]