Propane as an energy source is a clean-burning, environmentally friendly fuel.
Some people are even retrofitting their cars to run on propane to reduce their contribution to greenhouse gases.
Perhaps, for this reason, you’ve decided to switch to propane as an energy source for your home.
Now you’re wondering about the pros and cons of buying vs. renting propane tanks.
The right answer will depend on your particular situation.
Read on to learn what you should take into consideration.
Should You Own or Lease Your Propane Storage Tank?
The upfront investment of buying a propane tank is higher than renting.
For a 500-gallon tank, you’re looking at about $1,500.
That jumps to $2,500 if you want to buy a 1,000-gallon tank.
Sometimes you can get financing for the tank as well as necessary parts for installation such as piping, regulators, and the like.
Keep in mind that a propane tank is not generally an investment that you’ll recoup when selling your home.
If you plan to live in the home for a short time, it may not be worth the investment.
Renting is significantly cheaper upfront, but you have to pay a regular fee.
Prices will vary and are based on the size of the propane tank you want to rent.
When you purchase your own tank, you’ll have to pay for the installation as well.
This is not considered a good DIY project, so you’ll need to hire a professional to handle it.
Many suppliers won’t even sell you a tank for self-installation unless you are licensed yourself.
When renting a tank, the installation is included in your agreement.
The company you’re renting from will handle the whole process.
As with anything you buy, you become responsible for upkeep and repairs.
Propane tanks are solid and can last for 20 or even 30 years.
They expire after 12 years, however, and you have to get them recertified to continue using them.
After the 12-year mark, you have to get them recertified every five years.
You cannot get them refilled without this certification.
When you rent a tank, the company will handle all maintenance and repairs, and take care of the certifications as necessary.
When you buy your own tank, you can buy your propane from whoever you’d like.
This can be an advantage in an area where there is stiff competition.
You can take advantage of sales and promotions as the companies offer them.
When you rent a tank, you agree to purchase your propane from that company.
However, keep in mind that instead of gouging customers, propane companies tend to offer special rates to their tank renters.
Buying vs. Renting Propane Tanks
There you have it, the pros and cons of buying vs. renting propane tanks.
Most people will benefit from renting their tanks.
They have to keep paying the fees, but the convenience is often worth it.
Others won’t mind doing their own maintenance and would prefer the freedom to buy their gas from whomever they please.
Plus, all they have to pay for is gas.
Once you consider the above-mentioned things, you’ll have the answer to whether you should own or lease your propane storage tank.
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