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Lease or Own Your Propane Tank: What’s the Difference?

Written on: October 4, 2021

Your Propane Tank: The Pros and Cons of Leasing vs. Owning

propane tank installation wisconsinIf you are considering getting a propane tank in the Upper Midwest, you may be wondering whether it is a better idea to own or lease your tank. There are benefits and drawbacks to both scenarios. One of our experienced energy technicians at Lakes Gas can go over the pros and cons with you and help you decide what works best for your specific circumstances.

Owning a propane tank means you’re in charge, even if something goes wrong

Owning a propane tank is similar in many ways to owning other property. Namely, that ownership comes with rights and responsibilities. As the owner, you would have complete control over your propane tank, so long as it complies with local rules and regulations. At the same time, if something goes wrong with your propane tank, you will be responsible for damage control. Just like with a home or vehicle, if you own your propane tank, you can perform the maintenance and upkeep yourself, or hire someone else to do it.

One important point to consider about owning your propane tank is that you get to select which company services your equipment. At the same time, propane service companies will likely want to inspect your tank before agreeing to service it. Most reputable companies won’t take on caring for a tank that has not been installed properly, is too old, is in poor condition or is not in the exact right location on your property. Because propane tanks can’t be placed just anywhere, companies may not want to service a tank that could be unsafe.

Leasing a propane tank means handing over some reins to the experts

Leasing a propane tank, on the other hand, means that you will give up some control in exchange for your propane provider handling all of the maintenance and upkeep, as well as the installation.

Leasing a tank from Lakes Gas means you avoid the hassles of tank management while gaining the peace of mind that everything is installed and serviced according to best practices. Plus, if something goes wrong, you’ll know just who to call to fix it. This means that the leasing provider retains ownership of the tank, and you may face challenges if you decide you’d like to switch propane service providers. If you default on your payments, you may lose your rental agreement.

Family-owned Lakes Gas has your propane needs covered, whatever you decide

Community-focused and family-owned for over 60 years, Lakes Gas can help with all your propane needs. We offer competitive prices for our propane services throughout Michigan, Wisconsin, and the Upper Midwest. When you become a customer our knowledgeable Lakes Gas energy experts can go over the details of the propane plans we offer and help you decide what makes the most sense for you.