11 Jan The Staggering Cost You Can’t See: Underground Oil Tanks
Underground oil tanks can sneak up on you – out of sight, out of mind. But these costs can add up, especially when you start to talk about the costs of an oil spill – for which the owner is financially responsible for clean up.
For more information on how you can get your underground oil tank removed today, contact your local leading New Jersey (NJ) environmental services expert.
Why are oil tanks so costly? The answer is complicated, but the general answer is that they weren’t the safest technology to being with.
Now that oil tanks are becoming less and less useful – and industry that is currently stagnant – owners are spending time removing them from their properties.
And they’re doing so with good reason – underground oil tanks are not good news for property owners in NJ.
There are 120,000 oil tanks underground in NJ
According to reporting by Philly.com, there are around 120,000 oil tanks underground in NJ. This number may have decreased since the report released in 2011.
The number of oil tanks has been shrinking as more and more people realize the costs that an underground tank can bring them – owners are slowly starting to remove oil tanks from the ground and their properties.
When you remove an underground oil tank, you have a couple of options. You can either switch to an above-ground oil tank, which seems like a safe option to many property owners simply because you can see it, or they switch to natural gas or electric heat.
Home sales are generally what bring oil tank costs to the surface.
People don’t normally think about the condition or costs of their underground oil tanks until they start thinking about buying and selling their homes.
The tanks have a potential for pollution of the property, and many times, buyers will demand that the tanks be removed before they take on ownership of the property. This is especially the case when they feel like they’re buying a house for a larger price than is fair.
In many cases, real estate agents haven’t seen buyers who accept houses with oil tanks in the ground in years.
Mortgage lenders and homeowners’ insurance companies don’t like them.
Just another reason to go for underground oil tank removal – your insurance company doesn’t like it, so it’s going to cost you.
This becomes an issue when owners don’t know there’s an oil tank on their property until they sell, and they have to deal with the real estate advisors and insurance companies to work to get the tank removed before sale.
Insurance won’t necessarily cover the cost of a spill.
But the biggest reason – sometimes your insurance company won’t have your back if you’re responsible for a spill. Consider the costs of an environmental spill, and whether or not that’s economically viable for you.
The New Jersey Department of Environmental Protection strongly recommends removal.
Finally – the state recommends removal, and it’s easy to see why. The tanks have potential to harm the environment, devalue your home, skyrocket your insurance and endanger the health of your surrounding community.
Oil Tank Solutions’ goal is to make the processes of oil tank removal as quick and easy as possible. For help removing your NJ Oil Tank, contact us today.