Should you lease or own your propane tank?

July 1, 2022

Just like cellphones, cars, and even furniture you can lease or own your propane tank. While there certainly are benefits to both deciding what is right for you may not be the easiest task. For that reason, we’ve outlined both the pros and cons of leasing and owning your propane tank.

Owning your propane tank:

Pros:

  • Depending on your propane provider, your propane with a customer-owned tank can be cheaper. - Ours certainly is!
  • You have a wider selection of tank choices and are not limited to the size that your propane supplier carries. - This is great for customers who want a larger tank to fill up once in the summer when the propane is typically cheaper.
  • You can more easily switch propane suppliers if you want.

Cons:

  • You must oversee – and pay for – installation and maintenance, including repairs and new parts. – Yes, this includes gas leaks on your tank/lines.
  • You must handle periodic tank recertification according to local and state laws.
  • If your fuel usage changes, you will need to replace the tank yourself, which can cost thousands of dollars.

Leasing your propane tank:

As you can see, owning your tank leaves you on the hook if something goes wrong like a gas leak. That’s why a lot of Patterson Fuels and Propane families prefer to lease their tanks.

Pros:

  • Your propane supplier services the tank at their own cost.
  • Your supplier will replace your propane tank if it no longer meets your home’s needs or ages out at no cost to you.
  • It is one less thing you must keep track of.

Cons:

  • Leasing a tank means that you’re bound to your propane supplier and depending on the provider it can be harder to switch companies.
  • Some other larger suppliers charge a termination fee if you stop leasing with them. - Yikes! We don't do this. 
  • Other suppliers can and do charge expensive yearly tank rental fees. – However, we don’t so count that as a pro for Patterson Fuels and Propane!

While every customer’s circumstances are different, we are confident our team will be able to assist you in making the right decision for you and your family.