Owning Vs. Leasing Your Tank

“Is it better to rent or to purchase my own propane tank?” A question we hear pretty often around here at Annapolis Propane & Fuels. Both options provide a variety of pros and cons, it all comes down to the level of responsibility you’re looking to take and your circumstances.

I’m considering owning my own propane tank…

Advantages –

  • You can choose your fuel supplier without swapping tanks.
  • No minimum use required or tank rental fee.
  • You could potentially save a few cents per gallon from fuel suppliers.
  • Should a financial issue ever happen, your tank is yours and cannot be repossessed if something should happen regarding billing with a fuel supplier.

Disadvantages –

  • You are fully responsible for the cost of the tank itself and installation cost.
  • The maintenance and safety that comes along with the tank is your responsibility. This includes keeping regulators up-to-date, tank recertification as need, painting your tank (if aboveground), ensuring there are no leaks and general maintenance. If you have an underground tank, the maintenance requirements are a little more involved (i.e. certification of cathodic rust protection, leveling of ground above the tank)
  • If you have an above ground tank, it’s your financial responsibility to make sure the tank remains stable and level.
  • Monitoring supply levels is completely up to you unless you enroll in Automatic Delivery.
  • Service and parts are solely your financial responsibility.
  • You may want to check your homeowners’ insurance, some will not pay any loss arising from customer-owned tank issues.

I’m considering a company-owned propane tank…

Advantages –

  • You’re free of any maintenance or repair costs that come along with the tank.
  • Installation of the tank is provided by your supplier.
  • Free monitoring of your supply levels if you enroll in Automatic Delivery or if you choose will call.
  • 24/7 access to assistance.

Disadvantages –

  • Discourages you from changing propane suppliers.
  • If you choose to change suppliers, you’re often obliged to pay a termination fee if you end the agreement early.

 

For those not able to care for the regular maintenance of a tank, such as the elderly or ill persons, having a company-owned tank may be an attractive option. For others, the ability to seek out the best-priced supplier at any given time is worth the additional time and responsibility of owning and maintaining their own tank. Contact our expert team with any questions you have regarding whether a company-owned or customer-owned propane tank is the best option for you.

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