207-929-8898

The “Tank Ownership” Debate: Do I Want to Own or Lease my Propane Tank?

Using propane as an energy source in your home is beneficial and has gained wide popularity over the last decade. Propane is an important part of Maine’s energy mix and the advantages of propane over oil and kerosine are plentiful.

A question that comes up frequently by existing and prospective customers is if owning or renting a propane tank is best for them. Here we look at some facts regarding owning versus renting your propane tank.

Owning a Propane Tank

  • You will see a much lower price per gallon. You can shop around and purchase propane from any company. Please note that any company that fills your customer owned tank will need to leak test your system before they fill it. Service fees may apply for this service.
  • The purchase price of a propane tank varies from a 100 lb. cylinder with gauge for $ 695.00 to a 1000 underground tank for $ 8,227.00. These prices are subject to market changes, and do not include installation, or regulators and other equipment needed to connect to your tank. Additionally, dealers will not sell and install a propane tank without also filling it with propane.
  • You will be responsible for the maintenance and repairs. If you own an underground propane tank, you are also responsible for periodic testing of your tank and anode bag.
  • You must notify your home insurance provider to ensure your tank is covered by your policy.
  • Regarding Dig Safe, you are responsible for marking any underground lines on your property.

Leasing a Propane Tank

  • You will receive 1 hour labor and $50.00 worth of materials towards your installation. This usually covers the costs associated with switching from another company to Waltz & Sons Propane.
  • You can only purchase propane from the company from whom you lease.
  • Tier pricing is based upon your annual usage. This means the more propane you use annually, the lower the price per gallon will be.
  • There may be tank rental fees assessed for low annual usage. This is quite common for cooking or generator accounts.
  • The company providing your propane tank is responsible for safety of your tank and equipment. This includes replacing the regulator, pigtail, or even swap out the tank if it becomes rusty, etc.
  • Regarding Dig Safe, your propane supplier is responsible for marking the underground lines.