Mirvac Group and Allume Energy Pty. Ltd. are teaming up for a renewable energy-sharing program that aims to reduce reliance on the electricity grid and cut the cost of power consumption, The Australian Financial Review reported.

Through the partnership, the Australia-listed property company will be able to install solar panels in its Folia residential development in Melbourne's Doncaster suburb, according to the publication.

The energy that will be generated by the panels will be distributed to apartment units of residents who will choose to avail of the program, which could cut electricity bills by up to 40%, the May 27 report added.

Construction of the Folia project is slated to commence before 2019-end. Aside from the Melbourne residential project, Mirvac is also assessing other projects and its existing portfolio where it could eventually roll out the program, according to the paper.