k12 is free in a few states who use it as an online charter school (which is a public school offering at-home services). You can check out their website for a list of those states. For the people who enroll this way it's 100% free because it's public school, paid for by the school system and your taxes. As a poublic schooler your child will have to take all state exams as required of kids who go to a school building.
if you don't live in a state that uses k12 as an online charter school you will have to pay for the program and it is quite pricey, but not really that much more than any other online school. k12 is nice in that it gives you the option to pick subjects if you are self-pay, you can take 1 class or take all of them. It's a basic public school program with textbooks and tests. You have to follow their schedule (typically 180 days/yr) and deal with their correspondance teachers.
in almsot every state going with a program such as k12 via an online charter removes you legally as a homeschooler and you are considered a public schooler. k12 is quite insistent that they do not support homeschooling, they are a public school program delivered through the home. That's not a huge issue to many & the way I see it it's better than sending your child to a school building, but you have to decide if that's something you are ok with. It's a personal choice and no one can tell you if it's right or wrong for you.
Some states have online charters that use other programs such as Calvert or Connections Academy and the same deal applies.
Hope that helps!
meg