This is a very familiar verse of scripture, maybe more familiar than John 3:16.
It is defined as the gospel of grace which explains that salvation is by grace and not by works, that we received the richness of God at Jesus' expense.
The thing we must embrace is the definition of grace, Webster says it is unmerited favor and love of God or The influence of the spirt of God operating in humans to regenerate them.
Ephesians 2:5 explains how it was by God's unmerited grace we were saved, it reads "even when we were dead in sins, hath God quickened us together with Christ", (by grace are ye saved); a dead man cannot earn anything or respond to any appeals to change his condition. We were dead in our sins and trespasses, separated from God, unresponsive to any appeals He would make to us in and of our own ability. God's Grace became the vehicle that brought salvation to hopeless men and women that would respond to him by faith.
(John 1:1,14,17) Gives the story of Christianity, which is not man earning his way to God but God bringing salvation to man, lets read what it says.
"In the beginning was the Word, and the Word was with God, and the Word was God. And the Word was made flesh, and dwelt among us," (and we beheld his glory, the glory as of the only begotten of the Father) full of grace and truth. For the law was given by Moses, but grace and truth came by Jesus Christ.
This clearly shows the only way we could have ever had a chance to embrace God's salvation would be him bringing it to us. If you ask many are they saved they would liken there salvation to what they do and salvation is not by human effort, not by church membership, baptism, giving to charity, being a good neighbor, reading your bible, praying, fasting, etc.
Though good, they don't have power to bring salvation. They are dead works in and of themselves and will earn one nothing without your faith being in Jesus Christ's death on the cross.
(Galatians 2:16) Knowing that a man is not justified by the works of the law, but by the faith of Jesus Christ, even we have believed in Jesus Christ, that we might be justified by the faith of Christ, and not by the works of the law: for by the works of the law shall no flesh be justified.
There is no sin that Jesus cannot forgive and cleanse you from, but your works will not grant you favor with God.
Jesus loves you and knocks at the door of your heart to cleanse you from sin today look to Jesus for forgiveness.