If you’re considering removing an oil tank on your property, here are some things to consider. You’ll need to hire an experienced professional to do the job.
Costs vary depending on size, location, and other factors. It’s also important to know whether or not your homeowner’s insurance policy will cover the cost of removing a storage tank.
Removing an underground tank is usually more expensive than removing an above-ground one. This is because underground tanks must be disposed of properly and safely. They can’t be taken to a standard solid waste station, and they’re considered hazardous materials. A qualified contractor can haul your tank to an approved hazardous-waste facility and treat the material.
Often, a tank will be decommissioned by the company it’s owned by before being removed. This process involves cleaning the tank, filling it with concrete or foam, and testing the soil for contamination. This process is called abandonment and can be very costly, but it’s a safe way to get rid of an old tank.
Abandonment costs $600 to $3,400 on average. It can be a good option if the tank is in an area that’s not easily accessible, such as under a patio or under a building.
Larger underground tanks are typically more expensive to remove. They can be difficult to remove because they require heavy equipment and special tools.
The amount of oil in the tank will also affect how much you’ll pay. You can expect to pay anywhere from $10 to $70 per pound or ounce of oil.
How long the tank has been sitting out of use will also determine how much you’ll pay. A tank that’s been sitting for years will be more difficult to remove and will require more labor.
There’s also a chance that a leak will occur when the tank is removed, which can increase your costs. You’ll need to hire a contractor to inspect the tank for leaks and do the necessary cleanup.
Leaking tanks are especially expensive to repair, and they can cause a lot of damage to your home’s interior. Remediation costs can be up to $10,000, and it’s essential to hire a reputable professional.
If the tank is in a basement, you’ll need to hire a contractor to drain it and clean it before removing it. If it’s a large tank, the contractor will need to cut or crush it to fit through your basement door.
Some contractors charge by the square foot, but you can save money by getting a quote for a complete project. This includes the cost of removing the tank and disposing of any unused oil.
What’s more, many homeowners insurance policies will cover the cost of removing an oil tank. If you’re unsure, check with your insurer or the company that owns the tank.
When comparing estimates, make sure you get a written contract that includes all material, labor, and equipment costs. It should also include a warranty that’s valid for the duration of the project. You should always ask for a copy of the contract and warranty before signing.
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