500 Gallon Propane Tank Cost: Purchase, Install & Refill
The most common residential propane tank in the US. Full pricing across the lifecycle: tank purchase, installation, refills, rental alternative, and the dimensions you need to plan around.
Latest EIA residential propane price
Source: EIA SHOPP residential propane survey. Current data is the final release of the 2025/26 heating season (week ending 30 March 2026). EIA pauses weekly publication April-September; next release expected October 2026. Refreshed 26 May 2026.
500-Gallon Tank: Cost Summary
Tank only (new)
$800 - $1,600
ASME-rated steel; varies by manufacturer and finish
Tank only (refurbished)
$500 - $900
Inspected, recertified, with valid stamp
Full install (above-ground)
$1,000 - $2,500
Tank, labour, line, regulator, permit
Full install (underground)
$2,500 - $5,000
Plus excavation, coating, cathodic protection
Annual rental (alternative to buying)
$100 - $175/year
Plus $0.30-$0.50/gal supplier markup
Refill at national avg ($2.67/gal)
$1,070 (400 gal)
Range $872 (TX) to $1,660 (HI)
500-Gallon Tank Specs
| Length (above-ground horizontal) | ~9 ft 11 in (118-120 inches) |
| Width / diameter | ~3 ft (37-38 inches) |
| Height (with dome) | ~4 ft (48 inches) |
| Weight empty | ~950 lbs |
| Weight full (400 gal × 4.24 lb/gal + tank) | ~2,650 lbs |
| Usable propane (80% rule) | 400 gallons |
| Setback from buildings (above-ground) | 10 feet (NFPA 58) |
| Setback from ignition sources | 10 feet |
| Manufacturer lifespan | 30-40 years |
500-Gallon Tank Refill Cost by State Sample (April 2026)
| State | Price/gal | Refill cost (400 gal) | vs national avg |
|---|---|---|---|
| Texas | $2.18 | $872 | -18% |
| Louisiana | $2.22 | $888 | -17% |
| Florida | $2.55 | $1,020 | -5% |
| Virginia | $2.78 | $1,112 | +4% |
| Pennsylvania | $3.22 | $1,288 | +20% |
| Vermont | $3.95 | $1,580 | +48% |
| Hawaii | $4.15 | $1,660 | +55% |
See full state-by-state pricing for all 50 states.
Is a 500-Gallon Tank Right for You?
500 gallons is the default residential size. Most US households heating with propane have one. Here's when to size up or down:
500 is right when: Whole-home heating + water heating + cooking, 1,500-3,000 sqft house, moderate-to-cold climate, 800-1,200 annual gallons. Two to three fills per year fits the cost-vs-convenience sweet spot.
Size up to 1,000 gallons when: Cold-climate larger home (3,500+ sqft), 1,500+ annual gallons, you want only 1-2 fills per year, or you have a backup generator that shares the tank. The install premium ($1,200-$2,500 extra) typically pays back via volume pricing within 3-5 years.
Size down to 250 gallons when: Propane-only-for-cooking-and-water-heating (no whole-home heating), under 400 annual gallons. The smaller install ($800-$1,800) saves money and you still only need 1-2 fills per year.
500-Gallon Tank FAQ
How much does a 500-gallon propane tank cost?
A 500-gallon propane tank costs $800 to $1,600 for the tank alone, $1,000 to $2,500 fully installed above-ground, and $2,500 to $5,000 fully installed underground. A refill at the national average ($2.67/gal × 400 usable gallons) costs about $1,070. Cheapest state (Texas, $2.18/gal) refill: $872. Most expensive (Hawaii, $4.15/gal) refill: $1,660.
How long does a 500-gallon propane tank last?
For whole-home heating in a 2,000 sqft home in moderate climate, a 500-gallon tank (400 usable gallons) lasts 4-5 months in winter at typical usage. In cold climates, expect 3-4 months. Households using propane only for water heating and cooking can stretch a 500-gallon tank to 12-24 months. Most heating households fill 2-3 times per year.
Is 500 gallons the right size tank for my home?
Yes for most homes that use propane for whole-home heating. 500 gallons is the most common residential size. It strikes a balance: large enough that you only fill 2-3 times per year, small enough that the install is reasonable, and large enough to qualify for volume pricing. Upgrade to 1,000 gallons if you use 1,500+ gal/year or want fewer fills. Drop to 250 gallons if you only use propane for cooking and water heating.
Should I buy or rent a 500-gallon tank?
Buy if you plan to live in your home 3+ years. The $1,000-$2,500 install pays back in 3-5 years through eliminated rental fees ($100-$175/year) and supplier markup avoidance ($300-$500/year at 1,000 gal usage). Over 10 years, ownership saves approximately $2,750. Rent only if you may move within 3 years, have a cash flow constraint, or live in a single-supplier market.
What are the dimensions of a 500-gallon propane tank?
A standard above-ground 500-gallon residential tank is approximately 9 feet 11 inches long, 3 feet wide, and 4 feet tall (including the dome). It weighs about 950 pounds empty and 2,650 pounds full of propane. The setback requirement (NFPA 58) is 10 feet from any building, property line, or ignition source.