It's certainly not cheaper but I subscribe to F1TV with an annual cost of under $100. It gives me the option of watching it as a live feed or later when I have the time and I usually choose this option. They also have previous races on file so if you're gone on vacation, you can return and watch all the missed races, plus they even have races from previous years.
I cut my cable TV so the savings is 10X the cost of F1TV. I also subscribe to motoGP which is a bit more than F1TV but still a bargain. Total for both is around $200 per year. Both services also show most of the prerace practice sessions and qualifying.