In this research manuscript, an innovative solution is proposed to address intermittency challenges in self-excited induction generator-based islanded microgrids. The approach makes the use of an electric spring to maintain a constant voltage across critical loads. For simplifying the design and reduce the need for additional storage devices, and lower costs, a novel voltage source-based electric spring concept is introduced, complete with a comprehensive modelling approach specifically tailored for microgrid applications. Furthermore, a first-order sliding mode controller is suggested to enhance voltage and frequency regulation, stability, and overall system efficiency. This control strategy is designed to linearize voltage errors and provide swift responses under varying steady-state and transient conditions. To validate the effectiveness of the proposed scheme, the model is compared against the widely used quadrature voltage injection scheme under different load and torque conditions. Moreover, the system exhibits a rapid settling time, typically requiring only one to two cycles to stabilize. This underscores the robustness and stability of the controller. The validation of this work is carried out in real-time using an OPAL-RT 4510 and MATLAB/Simulink platform.