http://www.rainharvesting.com.au/rain_alert.asp
That one looks ideal but I guess the price might be too high.
Looks like they use ultrasonics, although they don't say so.
If you just wanted to know if the tank was full or not, you could use a float switch.
If the water is conductive, you can have wires of different lengths coming from the top of the tank and as they get immersed, they conduct to a common wire which is always submerged.
You can have a tube in the water with an opening at each end and you apply a range of audio frequencies to the tube and see where it resonates. The air column above the water resonates at a higher frequency as the water height rises.
Using the same tube, but with a floating radio transmitter in it. The strength of the signal at the top of the tube is a measure of how deep the water is. It only has to pulse once an hour or so, so power consumption can be minimal.
You can have a transparent tube coming from the bottom of the tank. The water riises in this tube and you can use a lot of different methods to work out how high the water is.
You can have a floating magnet which operates Hall switches as it passes them.
Or you can have an opaque float which interrupts a light beam.
Or you can have conductance between electrodes embedded in the tube.
As you have an interest in Microcontrollers, some of these methods may lend themselves to micro control.