IL SB3705

Authorizes the Illinois Finance Authority to issue revenue bonds for energy storage projects seeking state energy credits or utility cost recovery, with bonds structured as limited obligations payable solely from project revenues rather than state general funds.

Requires energy storage projects to secure long-term debt financing through Illinois Finance Authority bonds as a condition of eligibility for state energy storage credit procurement under the equity accountability system.

Mandates the Illinois Commerce Commission conduct an annual Energy Affordability and Rate Impact Study and prohibits the Illinois Power Agency from executing procurement contracts that would exceed statutory cost-control caps without General Assembly approval.

Requires any proposed increases to statutory rate caps or cost-control benchmarks in utility grid plans to receive approval through a joint resolution of the General Assembly before taking effect.

Repeals provisions concerning greenhouse gases in the Environmental Protection Act and preserves access to diverse generation resources to address capacity shortfalls identified in the Resource Adequacy Study.