Inspecting and maintaining your oil tank can ensure both safety and efficiency for those who use oil for heating your home. Tanks that contain oil have a finite life span, and as they age and wear out, they’re susceptible to leaks, corrosion and other issues that could cause danger to your home as well as the natural environment. Knowing the cost of replacing your oil tank is crucial in planning the investment.
Do not take a chance with leaking and why replacing the oil tank should be an important consideration for homeowners.
The majority of oil tanks are composed of fiberglass or steel with time, these materials can become degraded due to exposure to humidity, fluctuating temperatures as well as the natural aging process. An older or damaged tank is susceptible to leaks, that can lead to costly oil loss but could also pose environmental risks. If a leak of oil seeps into the soil cleanup costs can be significant and homeowners may be subject to huge penalties.
It is essential to replace your oil tank on time. This preventative measure can help you avoid the risks mentioned earlier and ensure your home stays green. A new oil tank can enhance your energy efficiency and help reduce your consumption of fuel and save you money over the course of time.
Factors Influencing Oil Tank Replacement Cost
In determining how much it will cost for replacing an older tank of oil, there are several elements that are considered. They include:
Tank Size: The tank size is an important factor in the price of replacement. Common residential sizes include 500-gallon, 275 gallon, and 1,000 gallon tanks. The higher the cost to replace a tank that is large.
Tank Material: Materials for oil tanks are generally made from steel or fiberglass. Steel tanks are cheaper but they will corrode faster than fiberglass. Fiberglass tanks tend to be more durable, and they cost more however, they’re more durable.
Installation Location: Whether or not the oil tank is situated aboveground underground, in a basement affects the complexity of the replacement procedure. The expense of replacing underground tanks could be more expensive due to excavation as well as environmental assessments could be necessary.
Removal and disposal costs that are associated with the removal of the old tank is also significant. It is the price of labor to secure the disconnect and removal of the tank, and the cost of disposal, particularly in the event of any dangerous leaks within the tank.
Permits and inspections. In many locations replacing an oil tank is subject to inspections and permits in order to comply with safety and environment regulations. These permits vary in price depending on the local requirements.
Cost for replacement of an oil tank
If you have a typical home oil tank, the cost to replace it can vary widely based on the factors outlined above. The majority of homeowners spend between $2,500 and $3,000 for replace their oil tanks.
For a 275 gallon oil tank replacement, the price is often at the lower end of the cost range. On average replacing a 275-gallon aboveground tank will cost between $1500 and $2,500 depending on labor and material costs. The price will rise if the tank is below ground. Expect to shell out between $2,500- $5,000 for the excavation work as well as environmental security measures.
How do you manage oil Tank Costs for Replacement
Although replacing the oil tank is a necessity but there are other ways to minimize and manage the cost:
Request several quotes in order to compare costs. Some companies will offer lower rates or even discounts on the installation.
Take a look at long-term savings. While fiberglass tanks are more, they’re also more durable and resistant to corrosion. Making the investment in a quality tank can help you save money in future repairs and replacements.
Find incentives and rebates: Many states and local governments offer incentives to replace the old oil tanks with environmentally-friendly alternatives. Look into rebates and incentives which can reduce the cost.
Plan Replacement Early. Don’t wait until the possibility of a leak or breakdown to change your oil tank. An early replacement will help prevent environmental damage and help you save money on emergency costs.
Conclusion
Removing the oil tank is an essential element of maintaining a secure and effective home heating system. Oil tank replacement costs are dependent on several variables, including the dimensions of the tank, the materials and location. A 275 gallon oil tank replacement cost is generally more affordable than larger tanks, especially if it is located aboveground. If you plan ahead, getting multiple estimates, and taking into consideration the long-term effects, you can take care of the cost efficiently. A replacement for your tank of oil is an investment for the security, efficiency and environmental responsibility of your house.