I think I figured it out, you are correct. Both black and white wires from the unit are hot and connect to the red and black hot wires from the NEMA socket. The green ground wire from the unit connects to the white neutral wire from the NEMA socket, which is the return line to the grid transformer and is grounded there and at the main breaker box. I should be good to go.

Oh I definately made sure the main breaker was off, electricity is something I've always been a little hesistant to work on, but I got help from a my uncle. It was a little hard to work in the dark but better dark than dead, thats what flashlights are for.

Thanks for the help Wayne!