How can I change my iCloud storage plan payment from 1 month to 1 year?

Apple got rid of the annual plans several years ago. There is no option but the monthly billed subscriptions.

How can I change my iCloud storage plan payment from 1 month to 1 year?

Not an option at this time.

You can redeem a year's worth of fees to your account using an iTunes GiftCard and be done with it.