Propane Tank Monitoring System Launched by One-Tank Benefits Distributors
Industry: Home & Residential
The One-Tank Skytracker monitoring system lowers the cost for propane dealers by making it easier for marketers to buy propane when prices are low and utilize storage in tanks they already own so they can re-sell when both price and demand increase.
St. Charles, MO (PRUnderground) August 23rd, 2022
Insite Platform Partners is pleased to announce the launch of the new One- Tank Skytracker monitoring system. The Skytracker is a remote propane tank monitoring system that can be used by propane dealers around the world.
The Skytracker is able to check the temperature inside ASME propane tanks and also track customers’ actual usage of propane each month. This allows dealers to buy in bulk and optimize operations, while customers are billed for the propane they actually use.
According to The Business Research Company, the market size for the global tank level monitoring system is expected to grow to $1.25 billion by 2025. That will be a 6.9% increase from 2020.
Propane marketers are able to refuel their customers’ tanks before winter arrives and prevent peak season pricing, while also protecting their drivers from dangerous road conditions by avoiding customers’ emergency service calls.
“One-Tank accumulates important data from your propane storage tanks so distributors can determine how much storage and inventory they have in existing tanks,” stated Brian Humprey, the CEO of One-Tank. “The last 10 years have witnessed vast improvements in satellite technology which has transformed our remote monitoring software and offers profitable advantages to propane marketers.”
This is especially crucial as demand for propane continues to rise. According to a report from the Brookings Institute in late 2021, the competition from Europe and Asia for Liquified Natural Gas has driven up the price. According to a March article by Fisk Tank Carrier the price of propane could be as high as $2.57 per gallon in 2022.
Since the beginning of 2022, the cost of propane has already increased by 10 percent. According to current forecasts that price could go up by an additional 11 percent in the next 12 months. Remote tank marketing allows propane suppliers to lock in a lower price before any additional surges in the price.
The average cost of traditional bulk tank propane storage is $4.17 per gallon. When using One-Tank, that cost drops to an average of $1.60 per gallon. This first of its kind monitoring system also allows the propane supplier to own the propane in the tanks being serviced, until that propane is consumed.
Customers also get access to an app where they can track their propane usage and see how much fuel is in their tank. It takes less than two minutes to install and the monitoring system can be utilized immediately upon installation.
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