Call the Electric Company to observe this. They probably will want to replace the meter. On the other hand I can't think of an easier way to lower your electric bill. But dangerous, I wouldn't think so.
Yes, a water meter will run backwards. Running your meter backwards is stealing and could result in your service being diconnected and or a fine. Modern meters that are read via radio signals are sofisticated electronic instruments and will report leaks and reverse flows when read. So if your meter is a radio read type you had better not mess with it.
If your circuit breakers are in the garage, they would be in a electrical panel (a metal box mounted on a (usually) outside wall, with the electric meter on the outside. The circuit breakers can be either just below the meter on the outside on opposite it inside the garage. It would usually be very close to where the electric connection to the house is. The electrical panel and breakers are not necessarily in the garage.
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