A big question lately many homeowners are facing is whether or not to abandon their old underground oil tanks and have new tanks installed above ground. If you are looking to move this will certainly be an issue that comes up between you and the new homeowner.
The thing about these tanks… they’re underground! You can’t just have a look to see if they are leaking. You could have a pressure test done at your cost, but that could make any problems worse should you have any. My recommendation is if you have any questions at all, get your tank abandoned and be done with it. If you had sludge problems, a new tank will cure that as well and reduce service calls.
The cost of abandoning tanks depends on the size and location, but generally speaking it costs between $600 – $1200 plus the cost of discarding any waste oil/sludge leftover from the tank. That is usually around $1.00 per gallon to dispose of and typically runs between $30 – $60 extra.
Underground oil tanks have a lifespan of about 50 years, and with environmental regulations being much more strict and penalties being potentially extremely costly, abandoning your tank might be a good idea, especially if you have an older tank and plan on moving. Currently, being able to abandon your tank depends on where you live and the local laws pertaining to abandoning oil tanks. Locations closer to water usually have stricter regulations as well.
Give us a call if you have any questions about installing new oil tanks or abandoning your old underground tank.