IL SB0116

Extends energy conservation project payback period from 10 to 20 years, allowing more time for energy cost savings to cover bond debt service and project costs.

Creates "green special service areas" allowing municipalities and counties to establish tax-financed districts for energy efficiency, renewable energy, and water conservation improvements on both public and private property.

Establishes green special service area bonds that can be purchased or assigned to the Illinois Finance Authority, with revenues from multiple areas aggregatable for bond security.

Requires municipalities and counties to verify property conditions before financing (no delinquent taxes, assessment not exceeding 25% of property value, mortgage holder consent, baseline audit, contractor verification, and assessment term not exceeding improvement useful life).

Grants municipalities and counties authority to participate in green special service area programs and issue special service area bonds under the Special Service Area Tax Law without certain procedural requirements like public hearings.