Oil Tank Removal: Costs and other things to consider

While there are various contributing factors to an oil tank’s failure, rust is its most common factor. It goes this way: once water enters a heating oil tank (multiple ways, ie. through a poorly sealed fill box, groundwater leaks, water condensation) and combines with sulfur, a corrosive agent is created. Corroding a tank from inside out, causing rust damage. Looking to improve your oil tank experience? Then the whole talk of oil tanks (removal, its costs, and many others) may interest you.

Oil Tank: The Removal Cost
An oil tank’s removal cost is quite pricey, that you should be given three written estimates before moving on. Factors that affect its costs include the tank’s size and condition, local rates and regulations, and ground conditions (for buried tanks), and a permit. Costs are favorably more for buried tanks than above-ground tanks. It is suggested to take photos, documenting the whole operation.What about Underground Oil Tanks?

 As said, the removal costs for buried tanks are greater than the latter, and will even more costly depending on the surrounding soil and the tank’s condition. This process is made necessary because of possible ground contamination. Costs for an easy-access 500-gallon tank can be worth $1100, and this process includes tank removal and soil testing. If it has an additional above-ground tank, the project could total up to $2700 dollars. For minor contaminations, it could be worth $10,000. Major contamination reports to $100,000.

Oil Tank Removal

Environmental Hazards of oil spill

Any kind of oil spills can lead to a great deal of contamination. Depending on the location and content of the tank, any leak can enter the ground or water. Such spills or leaks are leading cause of pollution such as soil contamination, marine pollution, or groundwater contamination. These kind of leaks make their way through ground and underground channels through into water bodies and at times contaminate the fresh water sources also. Oil spills occurring over in case of crude oils in the ocean are of particular harm since the scale is much wider. An oil spill in ocean not only pollutes the water but also results in problem for aquatic life, disturbs the ph balance, cuts the sunlight to any below the water surface.

Replacement Costs
Contamination risks from underground tanks are high, that’s why above-ground tanks are usually included in oil tank replacement costs. Costs depend on tank prices, size, location, and tank-type, possibly reaching up to $1000 to $2000. Tank prices also depend on the type of tank construction, as modern oil tanks are made of steel or fiberglass (sometimes both). Single or double-wall constructions affect oil tank prices and their replacement costs.

Installation Costs
Tank replacements costs are determined from tank prices and local labor costs. Negotiation is possible with your replacement cost if several homes down your neighborhood need a tank replacement as well. Then again, the installation of new tanks requires permits issued by your local fire department (or environmental protection agency).

Tank Sizes
In choosing the oil tank to use initially, there are two types of residential heating oil tanks (underground and above-ground). Sizes range from 50 gallons to 20,000 but underground tanks cannot get larger than 1000. The standard underground oil tank sizes would be 550 gallons or 1000 gallons.

Home Heating Oil Tank Prices
Heating oil tanks for underground tanks tend to be more pricey because they are bigger. But underground tanks have a greater possibility of environmental degradation, so people are choosing the latter. Above-ground tanks cost less because they are smaller and the standard size is 275 gallons. They come in assorted shapes: carbon steel horizontal ($800), vertical tank ($830), heavy-duty steel tank ($100), and are usually installed in a basement or shed.

Tank Testing
Inspections and tank testing is completed by professional and trained oil company staff. If water presence gives a positive result, it means the tank has a leak. A pressure test sometimes, other times they resort to using advanced electronic equipment or ground scanning radar equipment for buried steel tanks. Soil testing is a must for buried oil tanks. Once the tank leaks, the oil will seep onto the soil and it could be detected. Soil testing costs $300 to $500. Underground tank tests for leaks cost $500. Countless experts have suggested that oil tank replacement costs are worth investing, with older tanks.

Tank Insurance
Oil tank removal costs grow to be substantial enough, so ensure yours with pollution liability insurance. The policy covers $60,000 of the tank’s removal costs, so it is a good idea to inquire as costs to purchase the insurance are low (sometimes it’s free in some states) as long as the heating oil tank is registered with the said insurance program preceding to any contamination.