For the first time, I must install a propane tank for heating purposes so I've got zero background with these.

I understand the pro for renting is someone else is responsible for the tank itself and it's maintenance. The con is you pay rental fees for the tank and switching suppliers isn't just a phone call.

Of course, I understand ownership is opposite the above.

Any real world experience pointers?

Buy your own tank if possible. Gives you much more flexibility to shop around for the best prices and switch provers if the service isn’t up to par.

I own my tank at my personal house.

The best thing about it is that if I get poor service from the company I normally buy propane from, I can switch to someone else, even if temporarily. For example, a couple of years ago, I called for a fill. They were short on drivers that year and I almost ran out. I called and had another company come and fill my tank, but did not cancel the first order. They came and obviously, my tank was full. From that point on, I have not had a service issue.

With rented tanks, you are captive. If it had been a rented tank in the example above, I would have ran out of gas, and here we are required by law to have a new inspection/pressure test done once you run out. Due to that, I would have had some additional expense and might have had to go several days without gas.

The other downside to rented tanks is that every few years, it seems like the propane industry goes through some sort of strange period where companies are being bought/sold like crazy. You may be entirely happy with the service you are getting today on your rented tank, but if that company is sold to someone else in the future, you may be disappointed.

Owning your own tank also allows you to shop for price instead of being forced to take whatever price your supplier is offering.

If you move forward with propane, being sure you check into the "pre-buy" options offered by various companies in your area. They will offer you either a set price or a max price if you will pre-pay for your LP for the winter with them. There will be years when it doesn't pay off, but in a few of those years, it will pay off big time. A few years ago here, gas got to around $5/gallon but there were people who had pre-buy on at less than $1.50/gallon.

Nicole,

When our city flooded we learned those big propane tanks float downstream. The dealer's tanks were scattered all over the neighboring cornfield.

My Bible Study teaching partner is a propane delivery man. For rentals he suggests billing the res monthly for usage, possibly based on temperatures using the budget billing system (yearly cost divided by 12) They don't have $600 to get a delivery on a cold day and can let the tank run dry, which means your pipes freeze.

I have 5 tanks on my farm. I rent one and bought the rest. It allows me to have a dedicated tank for my generator and enough capacity to only fill yearly. Two years ago my dealer sold out to Ceres Solutions. Ceres Solutions proceeded to bill me for rent on 4 of the 5 tanks(They never saw my generator tank). They wanted over $300. It was a mess. A 1000 gal tank costs over $2000, so in my mind they were trying to steal over $6000. They found records for two of the tanks as I bought from previous dealer. The other 1K gal tank they would not let go of, I was able to find receipt but it was faint. Finally, I got a hold of the company that sold me the tank in 2005. They had to get an old computer out but they found the records and sent a letter to Ceres. Ceres then corrected to 1 tank rent with never an apology.

Keep your receipts.

thanks all. This is for a bungalow I am converting/retrofitting to be a 12 month usable dwelling. Right now, we have a 60 gallon tank. I think I had it last filled in 2017. We don't heat the house in the winter and the water gets turned off. My anticipation will be to rent it air bnb when I or my family is not using it.

Right now, I've got a 60 gallon tank that VERY little gets used from - heats the hot water from April to November and the heat a few sporatic days here and there. Rental is $81 a year since we don't use the minimum.

I will be needing a lot more as I am going to be keeping heat all year long and will naturally need a much larger tank.

Many places will rent you a tank...all you need to do is fill the thing with them. Other places offer you a free if you use them - Any idea how they make your money?

Typically these tanks are on blocks. If the area does flood though, your tank would float away.