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The best way to do so this would be to first, cancel your current monthly subscription. You can do this by downgrading your account to "Free":
Go the BILLING section . It will show you what is your current plan, so in order to downgrade to the Free Plan , click on the Free Starter Section and click on swith plan
Then click on CANCEL SUBSCRIPTION
That will ensure you are not double billed after signing up for a yearly plan. Also, after you downgrade, the option to upgrade using yearly billing should then be available.
If after downgrading you are still unable to select the option for yearly billing, let us know and we will be happy to assist you further.