Whether you’re running a commercial business, a farm, or a family household, there are daily decisions to be made. Some are based on things such as equipment, operations and safety and others may be more focused on aspects such as budget or long-term planning.
Then there are decisions that may be a combination of more than one. Take propane tanks for example. Size, quantity, regulation requirements, cost and purpose all must be determined. After that, you might ask – should you rent or buy?
To start, let’s take a look at the benefits of each.
Benefits of Renting
- Maintenance and repairs handled by the propane company
- Installation, fittings and inspections are included in contract
- Automatic filling schedule offers safety and protection
- All aspects are looked after by one supplier
- Cheaper for short term use: 3 to 5 years
Benefits of Owning
- Flexibility of purchasing propane from any supplier
- Purchase financing available for qualified buyers
- Adds value and convenience for next owners in a residential sale
- Some companies include installation and maintenance in purchase price
- Propane prices may be better
- More cost effective over long term
Depending on your situation, there will be a variety of things to consider and some will carry more weight than others. It’s important to review the pros and cons in both scenarios before making a final decision.
Which Option is Best for You?
Whether you choose to rent or buy a propane storage tank is also dependent upon factors such as usage, application, location, space and budget. Market conditions may also influence your decision for example, if you’re a high volume user, current propane prices are competitive and owning your own tank means additional price benefits.
Here are some suggestions where one might be more advantageous than the other.
Renting might be more suitable for:
- Construction site projects – portable, no hassles with tank maintenance or running out of fuel.
- Homeowners – professionals handle maintenance and filling schedules for you; easier on budget.
- Companies – using propane as a backup during power outages; regular maintenance checkups.
- Farmers – more seasonal use, security and protection of fills/maintenance checkups in remote areas.
Buying a tank may be better suited to
- Commercial – high volume users, price advantages, larger budgets.
- Homeowners – with a more flexible budget, adds value if home gets sold.
- Automotive Dealerships – long-term use, purchase-financing option for smaller budgets.
- Industrial Operations – multiple sites, need more storage capacity, can price shop with suppliers.
If you’re still uncertain as to which option might be best, if you’ve made the decision and aren’t sure where to start, or if you’re completely new to propane altogether, a fuel distributor is the perfect solution.
You can be reassured that they will do what they say they are going to do. In addition to providing propane at the right time and the right price, they also have professional experts who can help with:
- Calculating your estimated usage
- Recommending suitable storage solutions
- Equipment packages for sale, lease and loan
- Educational workshops
- Safe operating procedures
- Risk Management through daily price analysis
So, whether you choose to buy or rent, be sure to contact a fuel distributor who focuses on accountability, value creation, growth, and customer success. The benefit of their service is one option you won’t have to compromise.