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Generally a small tank leak, some soil, testing, reporting ect can run up to the $5,000.00 range. Costs can incrementally increase by thousands of dollars based on the increase in soil removal (contaminated soil) and replacement (clean fill). Could you spend $7000.00, $10,000.00 or more, yes, if the tank leak is big enough to require that expense.
1 Installing an underground tank can cost around $1,800-$3,000 for 500 gallons and $2,000-$3,500 or more for 1,000 gallons. 2  A Wisconsin propane dealer charges $1,599 to install a typical 500-gallon aboveground tank and $2,995 for a 1,000-gallon underground tank. (Minimums vary by location and tank size, and can range from 100-1,500 gallons.) More often, the propane company charges a fee of anywhere from $25-$250 a year but averaging around $75-$130 annually, depending on local rates, the size of the tank and whether it's aboveground or underground.