Underground Propane Tank - lease or buy?

[Anonymous]

Hi everyone

We're considering our options re leasing or buying the underground propane tank at our new house. While we like the idea of not being locked into a single supplier for the propane, and obviously the per gallon prices for owned tanks are much more attractive, we're also hearing a lot about the hassle of maintenance, impacts on the cost of home owners insurance if you own the tank etc.

For anyone who has an underground propane tank, do you lease or own - and why?

Thanks very much for any insights - we're very new to all of this!

[Anonymous]

This is probably old news, but PLEASE let me know if it isn't. The reason I even saw this post is because I'm going through it with a propane company. DO NOT, under any circumstances, lease a propane tank. This company just filled my tank and is trying to charge me almost $1.00/gal more than other local suppliers. They are also quoting me 3 times the price to buy the tank (it's underground) than they quoted me 2 years ago, even though the price should actually be lower because of additional depreciation. Now I'm having to get a lawyer involved.

[Anonymous]

OTOH are they liable for cleanup if the tank leaks?

[Anonymous]

I'm sure they are...it's their tank and has to be maintained by them. My sister is in the business and says leaks are rare, at least in their company.