Which is Preferable: Abandoning or Removing Oil Tanks?
Knowing which option is best for you if you have an underground storage tank (UST). There are several things to consider, including cost, environmental impact and effects on property value.
Removing a tank safely and correctly deactivating it is an excellent solution to help you avoid future issues with the environment and your property’s value.
Environmental Impact
The environmental impact of a leaky underground storage tank (UST) can be catastrophic. It can damage soil, groundwater and surface water and contaminate the air. It can also cause serious financial problems.
In addition, a leak can harm wetlands, ponds and streams. The contamination could even affect your health.
For instance, removing an underground oil tank can be costly in New York, so it’s usually best to hire an expert to do it for you. You should have an oil tank abandonment Westchester County NY to prevent these problems.
A professional company best does this with the equipment and expertise necessary to perform the work correctly.
Liability
In addition to the environmental concerns associated with oil tanks, a leaking tank can cause severe property damage and safety risks. When buying or selling a home with an underground tank, it is imperative to obtain good documentation regarding tank abandonment and any leak tests performed before closing.
Typically, a homeowner will abandon a buried oil tank by disconnecting the piping from the furnace or heating system, cutting the fill pipe below grade and capping it with concrete. Another option is to have the tank filled with sand or foam.
The problem with these abandoned tanks is that many homeowners must know that soil contamination exists around the tank.
This can be a costly mistake. Abandoning buried oil tanks whenever possible to avoid future problems can save time, money, and hassle. A properly abandoned tank will have no leftover sludge and oil, resulting in a cleaner, healthier environment for the home and surrounding areas.
Cost
The cost to remove or abandon an underground storage tank depends on the size and location of the tank. Excavation costs to unearth the buried tank can add hundreds of dollars to your project.
A leaking underground oil tank can be an expensive problem. It can contaminate the soil and water, and fumes from a leak can be toxic.
This problem is even more costly if the tank is buried along a stream or river. The stream may flood, and the contaminated soil will float from the ground.
Removing the tank is your best bet if you’re a seller and want to stop this from developing into a problem in the future. It will improve your property value, reduce the risk of future environmental issues, and give you insurance benefits.
Insurance
Oil tanks are insured against spills and leaks through an insurance program called the Underground Storage Tank Indemnification Fund (USTIF). It provides financial assistance to eligible owners for cleanups after spills or releases from USTs.
A UST removal company must take soil samples around the tank and bury piping, then send them to a lab to analyze extractable total petroleum hydrocarbons. Only by doing this can it be guaranteed that, after the tank has been removed and replaced, there won’t be any oil left in the soil that could be contaminated.
