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The Oregon Department of Energy has received more applications for its first round of than it has money to finance projects, according to Kathy Shinn, spokeswoman for the energy department.

Earlier this year, the energy department created a tiered priority system to allocate the first round of money, $10 million of the $60 million in tax credits available. The $10 million will be doled out in January 2011 to projects costing less than $500,000 for which applications were turned in first. But according to Shinn, the department received 170 applications and was only able to move 64 applications on to technical review, as of Oct. 11.

“There are sufficient tax credits set aside to cover the 64 applications currently under technical review,” Shinn said. “Staff do not foresee that a significant amount (of tax credits) would be left over. If there is, staff will make a determination on whether to make that amount available in the next round.”

BETC provides financial assistance through the Oregon Department of Energy to those investing in energy conservation, recycling, renewable energy resources and less polluting fuels. The Oregon Legislature in early 2010 capped the amount of tax credits available to renewable energy projects at $300 million for the foreseeable future after the state found it was spending too much money on the tax credits. The department had planned to take applications for the first $60 million of those credits before 2010.

Applications for the next round of financing began Oct. 1. The $10 million in tax credits available for that round is the second installment of $20 million given to projects after a competitive review, instead of on a first-come basis. Eligible projects must cost more than $6 million.  An announcement will be posted in December about the final round of BETC, for which $30 million in tax credits is available and begins in January, Shinn said.