Dead in trespasses and sins we have our conversation in the lusts of our flesh, we fulfill the desires of the flesh and of the mind and are by nature children of wrath even as others. We cannot save ourselves, we cannot even desire to save ourselves let alone do anything towards our salvation. No more than a dead corpse is able to arise out of the coffin can we save ourselves. In terms of the context we are quickened together with Jesus Christ. THAT is salvation.
Grace has various meanings in the Bible.
But more often it is used in the sense of the unmerited favor of God shown to His people in Christ by which power He saves them. That is the obvious meaning in our text. Grace is, we should not fail to note, first of all an attribute of God, a characteristic of His Being. God is in Himself beautiful, beautiful in all of His adorable virtues. That means that when the Bible says as it does in this text that salvation is of grace, it is the same as saying salvation is of the Lord.