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The weekly (1/23/12) average national cost of Residential Heating Oil was $3.938 per gallon. To fill a 175 gallon tank the fill up cost would be $594.65 or an annual cost of approximately $2,378.60 (4 fills per year). The weekly (1/23/12) average national cost of Residential Propane was $2.863 per gallon. To fill a 250 gallon tank the fill up cost would be 715.75 or an annual cost of approximately $2863.00 (4 fills per year).
Residential storage tanks are typically 120, 250, 500 or 1,000 gallons, either above-ground or underground. 1  For safety, propane tanks should only be filled to about 80% of total capacity. 2  Propane is sold by private companies. Some homeowners own their propane tank, while others rent or lease it from the propane company.