Oil tanks are built to last for 10-15 years, after which you have to undertake oil tank replacement. If your tank has come to the end of its life, you must be wondering how much does it cost to replace an oil tank, right? Well, it’s hard to tell the exact price as the cost varies depending on plenty of factors.
Factors affecting the cost of replacing an oil tank
Size of the new tank
As you can guess, the larger the tank, the more expensive it’s going to be. The tank will also be more expensive if you want to get a double-walled tank with a leak alarm or any other advanced feature.
If you are wondering what a double-walled tank is, this is a tank with a hollow space between the two layers to hold the liquid in the event it leaks. The alarm lets you know when there is any liquid in the space.
Home access
How easy is it to access where to install the tank? If you have a ramp, hatch, or oversize door that allows easy access to the tank, it’s cheaper to install it than when the contractors have to cut a hole in the wall or foundation to allow access.
Oil disposal
Does the old oil tank have any oil in it? Sometimes the company will charge you to dispose of the oil, which will add to the replacement cost.
You should note that you don’t always have to pay for the disposal. If your oil is not too dirty, get in touch with your local heating oil distribution company, and they might collect the oil and recycle it. Don’t expect them to buy the oil, so don’t ask for money for it.
The same way you need to think about disposing of the oil, if you don’t have any use for the old tank, you need to think about how you will dispose of it. Some companies will charge you for its disposal, while others will get it from you for free. It’s up to you to do your research.
Installation cost
The amount you pay depends on the complexity of the installation. If replacing the oil tank simply involves placing the tank on the existing pad or cradle, you will pay less than when the company has to construct a new pad and install the tank.
Refilling the tank
After installing the tank, you can’t leave it empty, can you? So you have to factor in the cost of refilling the tank.
How do you tell it’s time to replace the oil tank?
To keep your home in top working condition and avoid accidents, you need to know when to replace the tank. Signs it’s time to replace the tank include:
Age
How is your tank? If it’s more than 15 years, you should start thinking about replacing it as it’s only a matter of time before it starts leaking and developing other issues. Even if your tank isn’t showing any old age signs, you should budget for a new tank.
It will even be better if you can buy the tank so that when the oil tank starts developing problems, you simply need to contact the relevant company and ask them to deliver the tank.
Clear signs of tank damage
At least twice a year, it’s recommended you inspect your oil tank and look out for the presence of rust, corrosion, denting, discoloration, and other flaws. If you notice any of these, get your tank replaced as soon as possible.
You should note if there is clear damage on the outside of the tank, chances are the inside is worse. Get in touch with your oil burner repair service Long Island provider to undertake further inspections and replace the tank.
Broken or damaged oil tank components
The oil tank has plenty of components, and when the components start breaking down, it’s a sign your tank is coming to the end of its life. Some broken components also increase the risk of owning the tank, so you have to replace it.
For example, if your fuel gauge is faulty or damaged, you can’t tell the amount of oil you have, which significantly reduces the oil tank’s safety.