If your home is heated by oil, chances are that you have an oil tank in your basement. Over time, oil tanks can deteriorate and become a safety hazard, making it necessary to replace them. In this article, we will explore the cost of replacing an oil tank in your basement.

The cost of replacing an oil tank varies depending on a few different factors. The first factor is the size of the tank. Oil tanks typically come in sizes ranging from 275 gallons to 1,000 gallons, and the larger the tank, the more it will cost to replace. The second factor is the location of the tank. If the tank is located in a difficult-to-access area, it may require additional labor to remove and replace, which will add to the cost.

Another factor that can affect the basement oil tank replacement cost is the type of tank that you choose. There are two main types of oil tanks: steel and plastic. Steel tanks are more common, but they are also more prone to corrosion and rust. Plastic tanks, on the other hand, are more expensive but they are also more durable and long-lasting.

The average cost to replace an oil tank in a basement ranges from $1,500 to $4,000. This includes the cost of the new tank, removal of the old tank, and installation of the new tank. However, as mentioned earlier, the cost can vary depending on the size of the tank, the location of the tank, and the type of tank that you choose.

In addition to the cost of replacing the tank, there are a few other costs that you should be aware of. First, you will need to have the old oil removed from the tank before it can be removed. This can cost anywhere from $150 to $500 depending on the amount of oil that needs to be removed. Second, you may need to have the tank’s pipes and fittings replaced, which can add an additional $500 to $1,000 to the cost.

It is important to note that some states have laws and regulations regarding the replacement of oil tanks. For example, in Massachusetts, all single-family homes with oil heating systems must have their oil tanks replaced every 30 years. Failure to comply with these regulations can result in fines and penalties.

In conclusion, the cost of replacing an oil tank in your basement can vary depending on a few different factors. On average, you can expect to pay anywhere from $1,500 to $4,000 for the tank, removal of the old tank, and installation of the new tank. Be sure to factor in additional costs such as oil removal and pipe and fitting replacement. And don’t forget to check your state’s laws and regulations regarding oil tank replacement to avoid fines and penalties.