Green living: Save Our Earth By Living Green

Removing Your Buried Residential Oil Tank

Per the New Jersey Fuel Merchants Association, there are an estimated 120,000 buried residential oil tanks in the Garden State alone. More and more people are demanding natural gas instead of oil; in addition, the risk of an underground oil tank leaking into their yard—or their neighbor’s yard—encourages many homeowners who choose to stick with oil heating to remove the buried tank and switch it out for an above ground one. Whatever the reason, oil tank removal in NJ has never been more popular, and with good reason.

If you have not had problems with your tank, and therefore are not sold on taking the time to have oil tank removal in NJ, you may have problems if and when you choose to sell your home. Most real estate buyer agents advise their clients against making offers on homes with underground tanks out of fear that they may have, or may develop, a costly leak. Most seller agents will advise their clients not to bother even putting their home on the market until after the tank is removed, because they have seen deal after deal fall through once the buyer discovers the existence of it. In many cases, the owner has no choice but to remove an underground tank if they want to sell the house—even if there has never been a problem with it. The upfront costs associated with this, however, are often well worth the effort when it comes to quickly closing on your home sale. Being stuck in your home for months or years past when you want or need to be can add up quickly, particularly taking into consideration the typical high cost of New Jersey property taxes.

Removing an underground tank that has no leaks in it is probably more affordable than you might imagine. The problem comes with leaky tanks; the cleanup involved and the amount of labor required in order to properly decontaminate any affected area can run into tens of thousands of dollars. Most homeowner insurance policies will not cover the cost of this, leaving it up to the owners to bear the financial brunt. The longer an underground tank remains in the ground, the likelier it becomes that it will develop a leak. For this reason, it is strongly recommended that oil tank removal in NJ or any other state occur as quickly as you are able.

In spite of the financial setbacks associated with oil tank removal in NJ, there may be a silver lining to this otherwise dark cloud if you own property in this state. The NJ Oil Tank Removal Grant Program may be able to assist you financially with a grant from the New Jersey Economic Development Authority Petroleum Underground Storage Tank Program. This grant does not have to be repaid, and can assist substantially in defraying the cost of removal and possible replacement of a residential underground tank. At the time of this writing, the grant will currently reimburse up to $1,200 to remove a non-leaking underground tank, and up to $3,000 to both remove and replace the tank. The homeowner will have to cover any balance that remains out of pocket. The grant has other qualifying criteria, including income limits, net worth limits, and financial hardship determination. A specialist in oil tank removal in NJ may be able to assist you in learning more.

About the author – Paulo is the President of Renova Environmental – New Jersey’s source for a cleaner environment. Paulo is also editor in chief of his environmental blog and writes about oil tank removal in NJ offered by experienced and licensed team.

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