Yeah, that's typical net metering with no battery, grid-tie with the inverter feeding the panel. If the panels can cover your consumption+, then you are both back feeding the grid and covering your own use. Any deficit will change the direction of the meter and the you'll be drawing grid power to supplement.
With these systems, as a safety feature, if the inverter loses grid power, you have zero electricity. It cannot island and just run your house from the inverter and panels, a battery bank system and an isolation/transfer switch (like for a generator) is required for this function.