This is also something I was wondering. Is 120VAC cycling +120V to -120V or is it +60 to -60 making the Peak to Peak voltage 120? I realize 240VAC is 2 sine waves offset 180 deg. causing simultaneus voltage positive and negative, but was wondering if the voltage was caluculated Peak to Peak or from the x axis(y=0). Also, the more I try to visualize the electron flow for a single phase 240 VAC load, it seems as though the electrons are flowing one direction and then the other every 30Hz. No? If not then how are they flowing?
Clydesdale, AC voltage is normally specified as the "RMS" (root-mean-square) value. The explanation for this is a little complex, but it basically means that a 120 volt RMS AC source will provide the same power (wattage) as a 120 volt DC source to the same resistive load.
For sine-wave AC, the peak voltage is the RMS voltage times the square root of 2, or 1.414 times the RMS voltage. A 120 volt "hot" conductor alternates between +170 and -170 volts.