How would you like to never have to worry about power prices going up again?

That will soon be the reality for a handful of Fremantle families set to call East Village home.

In what has been heralded as an Australian first, the development has its own microgrid that uses power generated by solar panels stored in a mega battery.

It will mean families will have their power bills slashed in half, saving households about $1200 a year, according to the developer.

The smart city is the brainchild of WA company Power Ledger and Landcorp.

Normally, people sell power from their solar panels back to the grid at a fixed rate, which is the on-sold to other customers at a higher price.

But this system lets households sell excess solar energy directly to their neighbours for a better rate.

Dr Jemma Green, of Power Ledger, said it worked like a website.

“It produces a bill that looks similar to your electricity bill and it facilitates that payments associated with that, but it’s directly between the buyer and seller,” she said.

In the event the battery stops working, homes will not be left in the dark. The site is connected to the main grid.

The development will also recycle rainwater, meaning about an 80 per cent reduction of the water households buy from the Water Corporation.