Effectiveness of this kind of test should not just be done at the spot where you make the change but end-to-end.
It's very well possible that by placing the 'it's free!' there the signups shift to a much larger number of people that will never convert to paying members (for a freemium site).
If you only test at the point of making the change it is very well possible to actually increase free sign-ups but to decrease your conversion rate to paying members.
So, this test is about an intermediary goal, the real conversion is the rate between new visitors and paying members.
I sure hope that your overall conversion rate to paying members shows a similar increase, but make sure that really is the case.