Only small correction to that is that load center doesn't step down voltage. The center tapped transformer at the street steps down the voltage to 240V, but the

Only small correction to that is that load center doesn't step down voltage. The center tapped transformer at the street steps down the voltage to 240V, but then that center tap on the transformer becomes your neutral so you end up with two legs that are 120V from ground/neutral and 240V from leg to leg in your load center.