You need to do more research. 1mbps is the monthly allotment you have under 95 percentile bandwidth pricing. If you would push out 1mpbs constantly for a month you would do around 300 GB of traffic, so unless you limit your connectivity you can push up to 1000mbps, theoretically, which will incur in some huge overage costs, depending how long you burst for.
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I have been searching this forum a lot but it is hard to find clear answers on things, I have not found a page where it is just all laid out.
I understand I will get a little over 300GB and I don't need that, but does this also mean that download speed will be capped at 1Mbps?
My dedi has a 100 Mbps uplink and if the uplink on this is only 1Mbps that will be a huge difference.