Buying vs. Leasing a 500 Gallon Propane Tank: What Homeowners Should Know

Propane is an efficient energy source for heating homes, powering appliances, and more. If you using 500 gallon size tank your home is likely using propane for a few sources of energy. Making the choice to buy or lease your tank is an important decision. Each comes with a set of benefits. In this post we are going to go over both to help you make an informed decision. 

Benefits of Owning Your Own Tank

Freedom to choose your supplier: When you own your propane tank you are not tied to a specific propane company. You have the ability to buy propane from the company of your choice. (Please note it is important to have a relationship with a supplier and price is important but not everything deals too good to be true usually are) 

Long-Term Cost Savings: Over time you will save money on propane in your tank. You have the initial investment and tank maintenance but if you can afford to pay for the tank you will be ahead in the long run. 

Home Value: It may be small but it adds value during a home sale. Be sure to specifically note the tank is included with your realtor during a home sale. 

Benefits of Leasing Your Tank

Low Upfront Cost: Most companies install lease tanks for a small cost and lease charges are minimal. (Sometimes no charge with minimum usage) Ideal if you do not want to make the investment of buying a tank

Maintenance Included: Typically the propane company would be responsible for any and all repairs and normal maintenance.

Partnership with Supplier: Simple to order and communicate. Having one supplier simplifies ordering and communicating your needs. At Baker's for example you can qualify for a free tank monitor and free automatic deliveries. 

The Best Choice? 

If you prefer convenience, lower upfront cost and having confidence in one supplier leasing is the best choice. You don't have to worry about tank maintenance and the difference per gallon is minimal. It is easier to budget knowing you will not have unexpected maintenance or the initial investment in the tank. Another huge benefit of leasing a tank specifically with Baker's Propane is you will be able to rely on our team to budget for heating months. Based on your prior winter months we can help you budget and plan if you want to pre buy or join a price protection program. If you use multiple suppliers you would be responsible for keeping track of usage. 

The biggest piece of advice we have is to take your propane tank seriously. Make sure everyone in your house is aware of basic propane safety. Things like what to do if you smell gas and how to check the propane tank percentage. To avoid running out of gas in a customer owned or lease tank we suggest getting on an auto fill program. If you choose not to put someone in the household in charge of checking your tank regularly to ensure you call or order online before you get too low. 

We are accepting new customers. Feel free to reach out for more information on buying or leasing a tank!