Think about all the possessions in your home. How many of them are more than 20 years old? And, of the possessions that are older than 20 years, do you refer to them as antiques?
While antiques hold precious memories and look good as decor, they aren’t always known for their functionality. (Do you plan your vacations using an old world globe?)
So with that, we ask… Is your heating oil tank an antique?
Old heating oil tanks are prone to breaking down because of oxidation and corrosion. If you let this process occur for too long, the corrosion could breach your tank shell or seams which could lead to an oil leak.
That’s why any tank older than 15 to 20 years could be classified as an antique, by our definition, and should be swapped out for a more functional and safe piece of equipment.
Decommissioning and removing heating oil tanks isn’t traditionally a do-it-yourself job. There are regulations that specify how the oil and tank must be removed to decrease the risk of spilling. Usually, the process requires a professional.
Calling in the professionals doesn’t have to be a worry. The labor takes just a couple of hours, and you can rest assured you’re following all necessary steps to safely remove your heating oil tank.
For example, a professional will:
The cost to remove your tank will depend on if you have an above ground or underground tank, and how easily accessible it is. But, the average cost to remove and replace an underground oil tank is $4,500, whereas an above ground tank costs an average of $3300.
For a more specific estimate or inspection of your existing tank, it’s best to call a professional who can help determine your needs.
Like the removal of a heating oil tank, how much it costs to install your new tank will depend on its location and if it’s above or below ground. But on average, it will cost you $1,900 to replace an oil tank.
Be cautious if you see any surprising deals.
For example, single-wall tanks might catch your eye as they average around $500 to purchase. But, cheap tanks could end up costing you more in the long run. Single-wall tanks corrode faster, because of weaker walls that allow water to settle at the bottom of the tank.
A double-wall tank is recommended. It will cost an additional $500 to $600, but it will reduce the chance of corrosion, and give you peace of mind. Most double-wall tanks also come with an alarm to warn of water leaks to the outer wall.
Important note: Selecting the right tank is important. If a leak occurs with your equipment, you could be on the hook for a hefty fine (think of $10,000 as the low end of this fine) for polluting the land.
Even with the right preventative maintenance, every oil tank has a lifespan. If you notice corrosion or rusting, clogs in your pipes or filters, or dangerous and expensive leaks, reach out to your maintenance provider immediately. It’s often the safest thing to do.