Congratulations! You just bought a propane-powered generator for your house that will kick in when the electricity is down. We know you are excited to reap the benefits, but have you figured out how you are going to keep propane on hand for your generator?
If you have a generator or propane powered appliances in your home, a propane tank might be the answer you are looking for. Just imagine the convenience of not having to run to the store to exchange and refill, or schedule your “mini” tanks to be refilled multiple times a year. Having a tank on your property is convenient and is absolutely worth it!
But then the big question comes up… “Should I buy or lease my propane tank?” Just like anything, there are pros and cons to owning your own tank. If you’re not sure which option is best for you, or if you’re still rolling the idea around of having a tank on your property at all, this article is for you.
Pros of owning your tank:
1. You get to choose your propane. When you own your own tank, you have the freedom to decide who fills it. This is a great plus because it gives you the opportunity to shop around and negotiate prices.
2. You get to pick your tank. Do you have an estimate of how much propane your family will use in a month, every 6 months, or a year? If so, you can plan to buy a tank sized perfectly for your needs.
3. No rental fees. When you lease a tank there are of course rental fees. Owning your tank can save you money by avoiding these fees.
4. Freedom to decorate. This might be low on your list of advantages to owning your own tank, but did you know that in some communities you’re allowed to paint your tank however you want? Whether you want to paint it one solid color or pick a few of your favorite colors and make a special design, a well decorated propane tank can add a touch of your personality to your property.
Cons of owning your tank:
1. Leaks cannot be recouped. If you have a leak, depending on your provider, that propane should be counted as a loss. You can also join a program that has tank monitoring, like Como Watch, which could potentially detect a leak and prevent a substantial loss.
2. You assume liability. It is recommended that tank owners have their tanks insured. If damage or injury occur due to a problem with the tank, ultimately the tank owner is responsible. When you rent the liability falls on the company you’re renting from; but if you own your tank, you guess it, you are the responsible party.
3. Tanks are expensive. Owning your own tank is definitely an investment. Depending on size, propane tanks can have a price range anywhere from $400, all the way up to $2,000.
4. Makes moving complicated. If you decide to move, your prospective buyers may not understand the substantial investment you put into your tank and some may not even want it. Therefore, when selling your home you will need to decide if you want to sell it to the new owners, or take it with you to your new home.
Deciding on whether to rent or own a tank to fuel your generator is a big decision that should not be taken lightly. Como is here to help. If you need help deciding which route to take, feel free to give us a call. We’ll talk you through your options and will come up with the best solution for your needs.
Also, ask us about our Como Watch program to ensure you will be ready and stocked up on propane when the power goes out during the stormy seasons.