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If you've recently invested in a commercial property that relies on propane gas for any of the property's services, you may find that the propane tank on the property is rented from a local propane gas supplier. Before you make the decision to just keep the tank that's there and work with that supplier, it's in your best interest to understand the difference between renting a propane storage tank versus buying one of your own. Here's a look at what you need to know.

Installation Requirements

If you rent a propane storage tank, you don't need to worry about the installation regulations. Your propane tank supplier will ensure that it is properly installed by licensed contractors and all regulations are followed. In fact, installation is usually included as part of your rental contract, so it may not even cost you anything to have it done.

When you buy a propane storage tank, though, it's up to you to find a contractor to handle the installation. In fact, many propane suppliers won't work with a tank that they don't own because of liability risks and insurance protection issues. You'll need to find a third-party contractor to handle the installation because propane storage tanks must be installed by licensed contractors.

Supply Considerations

One of the biggest reasons for many business owners to buy their own propane storage tank is because it provides flexibility in propane supply. You can order propane from any supplier who is willing to supply tanks that they do not own. This gives you the opportunity to shop for better prices whenever you need a propane refill.

However, although you're limited to the tank owner for propane supply when you rent, you may be able to negotiate a discounted rate with automatic deliveries or other programs. Ask a few of the local suppliers about any deals, discounts, or programs they may offer to those who rent propane tanks from those companies. That way, you can decide if the flexibility of ownership is worthwhile or if you can get a good deal with a local company for rental.

Maintenance Concerns

All propane tanks require maintenance and inspections periodically. With most rental contracts, that maintenance is included. You shouldn't have to pay for any service calls for repairs, maintenance, or inspections. The tank belongs to the rental company, so they take responsibility for ensuring its condition.

If you buy a tank, though, you'll have to budget for these inspections, the routine maintenance, and any unexpected repairs. Remember that gauges can fail, seals may deteriorate, or you may need other work on the tank. Make sure that your company can handle those repair costs before you decide to buy the tank outright.

These are some of the things that you should think about when you're considering the difference between renting and buying your propane tank for the property. For more information about propane gas services, contact a local business.