I would like to point out that the term "equivariant cohomology'' is ambiguous. To those unfamiliar with modern algebraic topology, it means Borel cohomology, the cohomology theory that is the subject of this question. That was introduced by Borel in the late 1950's or early 1960's. However, in 1966, Bredon introduced a more general version of equivariant cohomology (I know the year since I was at a talk he gave that year at IAS). Intuitively, it is reasonable to think of orbits $G/H$ as like equivariant points, since their orbit spaces are points. Bredon cohomology starts with a contravariant functor, $M$ say, from the homotopy category of orbits to abelian groups. Then, on $G$-spaces, an ordinary cohomology theory $H^*_G(X;M)$ with coefficients in $M$ is a homotopy functor to graded abelian groups that satisfies the obvious equivariant analogues of the Eilenberg-Steenrod axioms, but with dimension axiom stating that
$$H^*(G/H;M) = H^0(G/H;M) =M(G/H).$$
These are the ordinary cohomology theories of modern algebraic topology. Let $A$ be an abelian group. One example of a coefficient system is the constant coefficient system at $A$, denoted $\underline{A}$. It has $\underline{A}(G/H) = A$ for all $H\subset G$. Let $EG$ be a free contractible $G$-space and define the homotopy orbit $X_{hG}$ of a $G$-space $X$ to be the orbit space $(EG\times X)/G$, where $G$ acts diagonally on the product. Then the Borel cohomology of $X$ is defined to be $H^*(X_{hG};A)$. However, an easy comparison of definitions or axioms shows that Borel cohomology is just the special case $H^*_G(EG\times X;\underline{A})$ of Bredon cohomology. For that reason, no algebraic topologist today would consider writing a book just about Borel cohomology. Unfortunately, there are no textbooks about Bredon cohomology either as far as I know. However, one already somewhat outdated book, not a textbook but a 1995 status report on a subject, ``Equivariant homotopy and cohomology theory''
http://www.math.uchicago.edu/~may/BOOKS/alaska.pdf
starts out with an exposition of equivariant cohomology, including how Borel and Bredon cohomology each apply to the proof of classical P.A. Smith theory, which dates from the late 1930's.