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There isn't really anywhere around that area where you can park up for free, or you'll have to keep an eye out for the traffic wardens. Your best bet is to park up in Hans Place, and just go around the block if a traffic warden does appear (though you'll probably end up doing that so often, and you may as well pay to park or you'll spend more in fuel!). If there's not much space there, you could park up in Belgrave Square, where there's usually more room.
If you decide to pay, make sure you carry plenty of change for the meter, as Kensington and Chelsea don't accept card payments (over the phone), expect to pay about £4 an hour at the meter. Belgrave Square is City of Westminster, where they do accept card payments.
Nearest free parking where you could park up would be the car park at Sainsbury's in Cromwell Road, though that could be up to 20 min away depending on time of day, and you probably find it not worth driving there and back in the hour you got.
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