There are two types of systems for us to discuss here. Grid tied systems and Off Grid systems.
Off Grid systems rely on a battery bank to store generated electricity for later use. This offers complete independence from "The Power Grid". During a black-out you would still have power while your neighbors do not. This independence does however come with a trade off. The battery system increases your system cost and required maintenance.
Grid tied systems remain connected to "The Power Grid". The solar panels generate electricity which if not used by you, will cause your electric meter to spin in reverse. This is when you are selling your excess power generation to the electric company. When your system does not meet your requirement you buy from the electric company. This back and forth system is called 'Net Metering'. Grid tied systems are less expensive than off grid and do not require the maintenance.
In the Grid Tied system with net metering, the power company essentially becomes a storage and transportation center for electricity.
What components make up a solar electric system?
The system will consist of solar pv modules, mounting frames, inverters, monitoring equipment, safety equipment and utility meters. Batteries would also be included if you are working with an off grid system.