It's not cheap,You would have to check your area for pricing of material, delivery charges ,fasteners and any insulation board you may want to put behind. But also look at the manufacturers instructions on what they recommend for installation practices. Then you can compare apples to apples.
Vynil siding is another less expensive alternative. Consider your house location and costs. Will you recoup the cement siding costs at resale? That's your decision.
I know, more homework, I'm sure others will jump in with an opinion soon.
Good luck, and welcome to the site.