Renting vs. Leasing your tank comes down to cost and preference
If you use propane gas to fuel your home furnace or other appliances, there is one important decision to make when you start a new propane contract: Do you buy or lease your propane tank?
It’s a good idea to consider your options before making a decision on the propane tank purchase or lease. We’re here to help you weigh the pros and cons.
Will Buying or Leasing Save You More Money on Propane?
Purchasing a propane tank outright is more expensive than leasing a tank. But when you own your tank, you have the option to explore savings elsewhere.
Buying a Propane Tank: What to Know
Buying a Tank Can Increase the Value of Your Home
If you purchased a new home and know you will be there for several years, you might considering purchasing a tank outright. This will give you full flexibility in choosing your propane providers.
Also, if you should choose to sell the home, owning your propane tank might give your prospective buyer a little extra incentive.
If you own the tank, you can simply transfer ownership. You or the new owner won’t have to deal with transferring the tank and company.
Buying a Tank Means You Can Purchase From Any Propane Company
Once you buy your own tank, you are free to fill it by the company of your choosing.This can help you shop around for prices are at their lowest. That can save you a bundle versus refilling a smaller tank at need.
Buying a Tank Means You are Responsible for Maintenance
Propane tank guage broken? Concerned that your tank is damaged? If you own the tank, the costs for these fixes fall on your wallet. While propane tanks are rather sturdy, it is just another appliance in your home attached to a maintenance cost!
Leasing a Propane Tank: What to Know
Leasing a Tank Means Less Worry About Maintenance
Propane tanks are meant to last for a long time. Still, there could be issues that arise now and then. For example, the gauges that measure a tank’s capacity and current level can turn faulty. If you lease your tank, the propane company that owns the tank is responsible for the repairs.
Leasing a Tank Means More Convenience at Refill Time
When you own your propane tank, you’ll often find yourself comparing many propane vendors when it’s refill time. This can be time-consuming, and since prices change frequently, it may not create savings. When leasing, you get the convenience of a single supplier – often at a discount.
Changing Propane Companies Can Be a Hassle
Leasing a propane tank means you need to purchase propane from the company that owns it. If this company falls out of favor with you, you will need to coordinate a transfer of ownership. In some cases, cooperative propane companies will purchase the propane tank from eachother. In others, you might have to purchase your propane tank, then sell it to the new company. This puts you out of pocket for a few days. In extreme scenarios, the company might remove their propane tank from your home. If your tank is underground, this can be a big hassle! At the very least, it’s a scheduling inconvenience!
Buy Or Lease Propane Tank Equipment? It’s All in How You Use It
When all’s said and done, the decision comes down to time and money.
If you’re a heavy propane user whose needs are consistent, buying may be your best bet if it fits in your budget.
If you have light or inconsistent needs, or you’d prefer low, long-term fees over a large upfront investment, you might prefer to lease propane tank equipment.
Remember, propane use could change over time – propane vehicles, for example, are growing more popular.
There are also many different tank sizes to choose from, so you won’t be limiting your options no matter whether you buy or lease.