Not quite sure what to make of the responses above, as I have a different take on the “ground” issue.
As others have mentioned, the standard residential configuration in the U.S. is “monophase,” wherein the home receives power via three conductors from the transformer’s secondary windings. It is “240 VAC[sub]rms[/sub] w/ center tap,” which means there’s 240 VAC between the two hot legs and 120 VAC between either hot leg and the center tap The center tap is also called the “neutral.” All 120 VAC circuits & devices (120V receptacles, lights, etc.) are connected between one of the hot legs and neutral. All 240 VAC circuits & devices (dryer receptacle, range receptacle, air conditioner, etc.) are connected between the two hot legs. (Note that some 240 VAC circuits & devices also use 120 VAC, which means the neutral is also run to it.)
Note that I haven’t even mentioned “ground” yet. That’s because you don’t need a ground, at least in theory. But as it turns out, all residential systems are grounded, and for good reason.
To explain… Let’s pretend your house is wired exactly as explained two paragraphs ago (i.e. not grounded). While this would work fine in theory, there is a… problem. While there’s no doubt there would be 240 VAC between the two hot conductors, and 120 VAC between either hot conductor and the center tap, what would be the common mode voltage of any of the secondary conductors? For example, what would be the voltage between hot #1 and earth ground? Answer: We can’t predict. And that’s the problem.
Why would we not be able to predict the common mode voltage of a non-grounded secondary? Because the value would depend upon thousands and thousands of little “resistance paths” that would exist all over the place. Most of these paths would be benign - a high resistance between a conductor and earth ground, for example. But there is one path that would be deadly: resistance between the transformer’s secondary and primary windings. This resistance, in conjunction with other resistance paths that lead to earth ground, would form a voltage divider. If the resistance paths that lead to earth ground are high, then there could be a fairly high common mode voltage between secondary and earth ground. (Another way to say this is that the secondary could “float” up to the primary voltage.) Because almost all electrocution incidents are ground-referenced, this configuration would be quite deadly.
So how do we keep the secondary from “floating” up to the primary voltage? Simple: according to the “voltage divider model,” all we have to do is make the resistance path that leads to earth ground much smaller than the resistance between the transformer’s secondary and primary windings. Hell, why not make it 0 ohms? And that’s what we do: we connect one of the secondary windings directly to earth ground. It doesn’t matter which one we connect, though in practice we always connect the center tap to earth ground, since it would be safer. (Connecting one of the legs to earth ground would result in a situation where the other leg is 240 VAC vs. earth ground. By connecting the center tap to earth ground, both legs are 120 VAC as referenced from earth ground. Because almost all electrocution incidents are ground-referenced, the later configuration would be safer.
“Yea, but now you’re guaranteed to have 120 VAC and ground, which can be quite deadly.” True. But this is better than not being able to predict what it is at all. As explained above, it is possible for the secondary to float up to (or near) the primary voltage, which is obviously much higher than 120 VAC. In other words, we’re trying to make the best of a bad situation.
Note also that there’s no current (or very little current) on this ground wire; we are simply connecting the center tap to earth ground in order to “reference” the entire secondary to earth ground.
One last thing: in order to maximize safety, you would like the center tap to be connected to earth ground at a location that is close to you. So if the secondary of one transformer is feeding multiple homes, then the center tap is connected to earth ground at each home. It is also connected to earth ground at the pole.