When you enable this feature you receive a snapshot of your VM. this can be used to restore your VM if anything happens to it.
It is not a backup solution, but more of a way to roll back changes.
You can schedule snapshots to occur every 7 days when you activate the add-on.
The pricing depends on the size of your virtual machine. The cost is $0.025 per GB for your snapshot. So if you have a 10GB VM it will cost you $0.25 a week. If you activate this feature and choose to have your snapshots automatically renew, after 7 days your snapshot is replaced with a new one and you are billed again.
This is the first phase of our template feature that is coming that will enable you to use snapshots to create your own customized VM OS template to spawn new virtual machines from.