Synopsis As Introduced Amends the Electric Service Customer Choice and Rate Relief Law of 1997 in the Public Utilities Act. Creates the Illinois Residential Rate Relief Act. Requires an electric utility, based on the number of residential customers, to provide a rate phase-in plan to residential customers for the period subsequent to the mandatory transition period. Provides that unrecovered costs of purchasing power and energy to serve residential customers during the period between January 2, 2007 and December 31, 2009 may be deferred for future recovery. Provides that the deferred amounts shall be recovered over a 3-year period beginning in calendar year 2010 and ending in calendar year 2012 for those customers who are part of the rate phase-in plan. Requires electric utilities, based on the number of residential customers, to contribute money toward energy efficiency programs, the purchase of renewable energy, assistance for senior citizens, and bill assistance to low-income customers. Provides that an electric utilities may not increase the electric rates, defer costs, or charge interest to residential customers that were customers prior to July 1, 2006, of all electric home service. Provides that residential customers of all electric home service shall be eligible for the rate phase-in plans beginning in calendar year 2008. Effective immediately.