What is net metering, method of billing and its advantages

What is net metering?
Net metering is a mechanism which allows domestic or commercial users who generate their own electricity using solar panels or photovoltaic systems to export their surplus energy back to the grid. An off-grid system is generally a stand-alone system, while an on-grid system is connected to the main utility grid and incorporates the policy of net metering. The process of net metering provides system owners with the opportunity to gain extra revenue by selling their excess power to the grid while also making up for shortfalls via the grid. If the amount of energy generated is more than the amount of energy consumed, then the owner gets compensated for the excess amount. However, if the amount of energy consumed is more than the amount of energy generated, then it is imported from the utility grid and the owner pays only the net amount. In India, net metering was introduced as an initiative to make renewable energy more economical and accessible with the regulations differing on a state to state basis.