Why is my power proportional to V rather than V squared?

My import/export meter is an Itron ACE2000 SMB type 292. It has a LED that gives 1000 imp/KwH which I have managed to count. HOWEVER, much to my dismay, I found that the LED flashes in both import and export mode leading to somewhat less than useful information during daylight hours.

Hence my interest in obtaining an estimate of the solar contribution in order to make better use of the import/export data.