Looking at your "spell slots" list, you will now be limited as to what spells you can cast per encounter (pending could be per long rest or even per day).
So a level 7 cleric will have 1 4th tier spell slot, so let's honor that per encounter, you will have 15 spell points so if we didn't limit it you could cast 3 tier 4 spells so 3x banishment. Sounds op? yes. So no, only once per encounter. so with 15 points you could cast:
1x4th tier
3x3rd tier
3x2nd tier
4x1st tier
you can also cast lower tier spells in higher slots and save spell points in that case unless you want the boost where applicable.