Oil Tank Replacement Cost

Introduction:

It’s essential to get a couple of quotes from local contractors and service providers for your situation. That being said, let’s go over how much it costs to get your oil tank replaced. Factors like location, tank size, permits, labor, and more can affect the cost. A typical removal and replacement of a 300 BBL crude oil tank replacement cost can range from $10,000 and up.

Aside from the price of your new tank, there are several factors that go into determining the final cost. Let’s go over them:

Factors

• Tank type – the first factor to consider is the type of oil tank you’re going to need. Above-ground oil tanks are typically less expensive than underground tanks, making them a more cost-effective choice for many owners. Vertical oil tanks are one common configuration for above ground storage.
• Tank Size – Oil tanks, obviously, come in various sizes and can range from 275 gallons to 1.5MMbbl. So be sure to think about volume, diameter, and height. Tanks can range from 10ft to over 400ft in diameter.
• Tank Material – Oil tanks can be made of material such as steel or fiberglass. Steel tanks are generally less expensive initially but may require more maintenance over time. Fiberglass tanks are more durable and corrosion-resistant but tend to be pricier upfront. You’ll want to consider how long these will last as well.
• Accessibility – The ease of access to the existing tank and the installation site will play a role in the final cost. Difficult to reach or tight spaces may increase labor costs.
• Location of the Property – Where your property is located can significantly impact the cost of your replacement. Urban areas may offer more competitive pricing to do close range to suppliers and competition from contractors. On the other (and more likely) hand if you are rural the cost is higher because of less competition and distance of travel.
• Tank removal and disposal – If you have an existing oil tank that needs removal, costs associated with draining, cleaning, and disposing of the old tank properly should be considered. The condition of the old tank can also affect the cost.
• Permits and regulations – Depending on your location, there may be permits and regulations governing oil tank installation and crude oil storage. Obtaining these permits can add to the overall cost.
• Labor Costs – These are usually a significant portion of the overall expense. The complexity of the installation, the number of workers needed, and their hourly rate will add to the final price.
• Additional tank components – Aside from the tank itself, there will likely be an investment needed in components such as fuel lines, vents, and gauges.
• Tank warranty – If you purchase a high quality above-ground tank, often you can get a warranty that might cost more upfront, but it could save you money in the long run on future repairs or replacements, as well as buy you some more time.
• Cleanup Costs – You’ll want to factor in any potential costs to clean up oil spills or leaks during your replacement that will add to the final bill.
• Professional Inspection – Before installation of the replacement tank, it’s advisable to have a pro inspect your tanks, the location, and the property to assess any requirements or issues.
• Fuel oil replacement – Don’t forget to account for the cost to refill the new tank once it is installed.

Conclusion

Overall, there are so many factors that can affect your oil tank replacement cost. It’s crucial to get multiple quotes from experienced and licensed contractors for this type of work. They can provide you with a more accurate estimate tailored to your specific situation, also ensuring the safety and compliance of your install.

Be sure to check out the tanks on our marketplace, and consider listing your old one on here as well. Refurbishing companies can turn your old tank new and give it a longer life. You can auction it off, and more. Whatever you have, list it for free on Branabee!

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