What is the meaning of grace? Grace is free, undeserved, unmerited favor. "For all have sinned, and come short of the glory of God; being justified freely by His grace through the redemption that is in Christ Jesus." Rom. 3:23, 24. Because of Christ's work on the cross, God's heart can now come out freely in grace. Israel failed miserably under the law; salvation is now by grace alone.
"For by grace are ye saved through faith; and that not of yourselves: it is the gift of God: not of works, lest any man should boast." Eph. 2:8, 9.
I am saved, not because I deserved it, nor because I have earned it by my goodness. No, it is by grace, God's undeserved and free favor. God now offers freely to all salvation through His Son, the Lord Jesus Christ.