Latest news with #Bill2497

Yahoo

Illinois residents could save $2.4B on energy costs by proposed battery storage bill

SPRINGFIELD, Ill. (WTVO) — Illinois legislators have introduced a pair of bills that would invest in a in an effort to lower energy costs for residents. House Bill 3758 and Senate Bill 2497 were introduced Tuesday by Sen. Bill Cunnigham (D-Chicago) and Rep. Marcus Evans (D-Chicago). Together, the bills would create a target for Illinois to build 15 gigawatts (GW) of battery electric storage which the legislators anticipate would save consumers $2.4 billion on energy bills over the next 20 years. The battery reservoirs would store excess solar and wind-generated power and create a Virtual Power Plant program so Illinois residents with small-scale energy installations, such as solar panels on a home, could combine energy and distribute it through the grid during periods of high demand. 'With energy prices skyrocketing across the country and leaders in Washington opening the floodgates for fossil fuels, our bill makes it clear that Illinois will remain at the forefront of lowering energy costs while investing in clean energy,' Sen. Cunningham said. A by the Illinois Power Agency predicted the deployment of 15 GW of energy storage would create 115,000 jobs, prevent more than $7 billion in blackout-related expenses, and generate $16 billion in economic activity. According to the analysis, it would take a net cost of $6.4 billion to build the battery storage capacity, although consumers would not be billed for the program until 2030 when it would go online. The report predicts the cost would be offset by $9.4 billion less in consumer energy bills. At the same time Illinois is retiring non-renewable energy sources, households, businesses, and emerging industries are consuming more power than ever,' Rep. Evans said. 'HB3758/SB2497 offers a unique opportunity to keep Illinois powered while also staying on track for our ultimate goal of 100% renewable energy.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.