Owning vs Leasing a Propane Tank: What You Should Know
Did you know that propane provides energy for close to 50 million Americans today? This critical energy source has been meeting the in-home and commercial heating needs of millions of households and companies for the last 100 years.
When it comes to your propane tank, you have two options: leasing your tank from the supplier or buying your tank directly.
Leasing a propane tank is the more common route for many homeowners. Even so, it would be best if you weighed all your options before deciding on what best suits your needs and budget. Are you stuck on whether to lease or buy a propane tank for your Long Island home or business? In this article, we help you weigh the two options.
Pros of Owning a Propane Tank
You Have Total Control
The main advantage of buying propane storage tanks is that you have total control over where to source propane supply. If you are concerned about losing control over who you purchase propane from, buying is a preferred option.
Once you buy your tank, you have the option to switch suppliers at will. This allows you to compare prices and shift to a supplier who offers better pricing rates.
You Get a New Tank
When you buy your tank, you can choose whether to invest in a new tank or a used tank. With a new tank, you don’t have to worry about the tank’s age or potential wear. This means your investment will be longer-lasting.
The Aspect of Cost
The good thing about buying a propane tank is that you can play your way around the cost. Purchasing means you’ll be making a one-time payment, which means that you don’t have to worry about the additional cost of renting which is often included as an increased gas price vs owning or a yearly payment.
Cons of Owning an Above Ground Propane Tank
Every good thing has its negative side. You may also have to grapple with the following disadvantages.
High Cost of Purchase
Propane tanks don’t come at a low cost.
A 57 gallon above ground propane tank could cost $500-$700.
A 120 gallon above ground propane tank could cost $600-$900 per each tank.
This out-of-pocket cost is often prohibitive for homeowners looking to purchase a propane tank.
The Burden of Installation and Maintenance Cost
When you opt to buy, as opposed to leasing a propane tank, you must bear the full installation burden. You also have to deal with the recurrent cost of maintenance.
The inevitability of future maintenance costs means that you might end up paying much more in the future.
Negotiating Sale to Future Homeowner
When you own your propane tank and plan to sell your house, this is one more thing that you need to negotiate into your sale. The payoff in savings from owning your own tank might not materialize if you aren’t in your home for 7+ years.
Pros of Leasing a Propane Tank
The best option you have when looking for a propane tank would be to consider leasing. Most people find this option to be better than buying for some obvious reasons. Here are some of the benefits of leasing a propane tank.
Installation Done by Supplier
When you go for the leased propane tank option, you save money on installation costs by your propane company.
You Don’t Need to Worry About Maintenance
Apart from not worrying about the installation costs, you also have little to worry about the maintenance costs. The supplier takes control over the repairs and other services related to the propane storage tank. Our experts have met all the necessary qualifications and certifications to offer you quality services.
Cons of Leasing a Propane Tank
Leasing your propane tank has a few negative issues. Here are the negatives to consider.
Prohibits the Change of Supplier
You can’t change your propane supplier when using a leased tank. The tank supplier determines the source of the propane during the entire period.
You Have Limited Ownership
When you use a rented tank, you don’t have control over the facility. This means that the supplier can change the ownership of the tank at will by terminating your contract.
Bottom Line: Leasing a propane tank is preferable to buying if you want a worry-free experience and less up-front costs
Are you wondering how to decide on a propane tank? You have to put all the factors into consideration when making this important decision. The two options on the table for you are to either buy or rent.
Save up to 30% on Propane
Propane Depot is Long Island’s top rated family owned propane company offering propane delivery and tank installation complete with 24/7 service. Plus you’ll never run out of propane again with our smart propane tank monitors.
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