The Cost to Replace an Oil Tank: What to Expect
Curious about the cost to replace an oil tank? Prices can vary depending on factors like tank size, material, and labor, but a local contractor can provide an accurate estimate tailored to your needs.
In 2024, the average cost to replace an oil tank is $1,900. However, this can vary greatly, from $800 to $5,500. Different factors affect these costs. Things like the tank's location, size, and type play a big role. Usually, underground tanks are the most costly to replace. The price for labor can also change, from $850 to $1,800. This depends on how experienced the contractor is, the tank type, and how hard the installation is. Don't forget about extra costs like oil disposal, permits, and changing the oil line. Also, cleaning fees can add up, especially if there's been a leak or if you're replacing a buried tank.
Key Takeaways
- The average cost for oil tank replacement in 2024 is $1,900, with potential costs ranging from $800 to $5,500.
- Factors like tank location, size, and type significantly impact the replacement cost, with underground tanks being the most expensive.
- Labor costs for oil tank replacement can range from $850 to $1,800, depending on the contractor's experience and installation complexity.
- Additional costs include oil disposal, permits, oil line replacement, and cleaning fees, especially for oil leaks or buried tank replacements.
- Regular inspections are crucial to identify potential issues and address them promptly to ensure safe and efficient operation.
Average Costs of Oil Tank Replacement
Putting in a new oil tank is a big deal for your home and can change in price by a lot. The cost on average is about $1,900. But, you might pay as little as $800 or as much as $5,500. The main things that affect the cost are where it's placed and what kind it is.
Typical Price Range
If you need an above-ground oil tank outside, you might spend between $1,250 and $2,500. For tanks buried under the ground, you're looking at a higher price of $1,500 to $4,000. Indoor above-ground tanks start at around $550. But, the price can go up to over $3,000 if it's going in a special spot indoors.
Influencing Factors
Bigger oil tanks can jack up the replacement cost. For example, a 550-gallon tank could cost about $2,000 to replace. A 1,000-gallon tank might need $2,500. The price for the work, or labor, can be from $850 to $1,800. This change is based on how experienced the worker is, what kind of tank it is, and how hard the setup is.
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Tank Location: Aboveground vs. Underground
The place of the oil tank affects how much it costs to replace it. Above-ground outdoor oil tanks' replacement costs run from $1,250 to $2,500. This includes the possible required concrete base. Underground oil tanks cost the most to replace, between $1,600 and $4,600. This is because getting them out involves digging and creating an access hole.3Indoor aboveground oil tanks are the least costly to replace. Their replacement runs from $550 and can go up to $3,000. The exact cost depends on the tank’s location, like whether it's in a basement or not.
Aboveground Outdoor Oil Tanks
Above-ground outdoor oil tanks usually need between $1,250 and $2,500 to replace. This includes adding a concrete base if needed.1The average to replace one is about $1,875.
Underground Oil Tanks
Subterranean or underground oil tanks are the costliest to replace, priced between $1,500 and $4,000. Replacing them is pricier because it includes digging and creating an access point. It might also involve more complex steps. On average, changing an underground oil tank costs about $2,600.
Aboveground Indoor Oil Tanks
Aboveground indoor oil tanks are the most economical to replace, starting at $550.Their replacement cost can go up to $3,000 or more based on where they are, like in a basement. Installing indoor tanks typically costs less than outdoor ones. This is because there's no need to dig or set up a concrete base.
How Much Does It Cost to Replace an Oil Tank Based on Size?
The oil tank's size matters a lot when it comes to the cost of replacing it. A 275-gallon tank often needs about $1,500 to replace, whereas a 300-gallon upgrade will cost you roughly $1,700. Moving a step up, a 330-gallon tank's replacement is about $1,850, and a 550-gallon tank might run you $2,000.
Finally, for the very big jobs, a 1,000-gallon tank could set you back $2,500.
The complexity of the work increases with the size of the tank. Larger tanks mean more work and expenses. This is due to the heavy labor and hard installation needed for these big tanks.
275-Gallon Tank
Replacing a 275-gallon tank costs about $1,500.
300-Gallon Tank
You can expect to pay around $1,700 for a 300-gallon tank's replacement.
330-Gallon Tank
For a 330-gallon tank, the replacement price is approximately $1,850.
550-Gallon Tank
A 550-gallon replacement will require about $2,000.
1,000-Gallon Tank
For really big tanks, like a 1,000-gallon, expect to pay as much as $2,500.
Labor Costs for Oil Tank Replacement
Oil tank replacement labor costs can be between $850 and $1,800. The price varies are due to the worker's skill, the type of tank, and how hard the setup is. The U.S. Department of Labor says maintenance and repair workers typically ask for $22 per hour. Plumbers with a license might charge $31 per hour.
The final cost changes by where you are and how good the worker is.
| Cost Factor | Range |
|---|---|
| Labor and Equipment for Oil Tank Replacement | $600 to $1,200 |
| Old Oil Tank Removal and Disposal | $250 to $600 |
| Concrete Pad for Above-Ground Tanks | $50 to $175 |
| Soil Testing | $250 to $550 |
| Fill Dirt | $150 to $600 |
| New Fuel Lines | $15 to $20 |
| Tank Tub for Enclosure | $600 to $1,200 |
This table shows other costs affecting the total oil tank replacement labor cost and oil tank installation labor. These include the price of the tools, removing the old tank, and getting the location ready. It's key to hire a skilled oil tank contractor for a precise project cost estimate.
Additional Cost Factors
When you replace an oil tank, there's much more to think about than just the tank and installing it. You also need to look at the cost of getting rid of the old oil. This can be from $10 to $70 for each pound, including the service fees for proper disposal.
Permits
Getting permits to swap out an oil tank might cost about $1,330 on average. But, this will change depending on the area you live in.
Oil Line Replacement
Changing the oil lines along with the tank can tack on extra costs of $100 to $150.
Cleaning Costs
If there's a spill or the area gets contaminated, cleaning up could cost more than $15,000. The price depends on how much cleanup is needed.
Signs You Need to Replace Your Oil Tank
Maintaining your home's oil tank is key for its heating system's safety and efficiency. Signs you might need a new tank include outer damage and parts not working right.
Exterior Tank Damage
Rust, dents, and holes on your oil tank's outside mean it could leak or be unsafe. If you see such damage, it's time for a new tank to avoid harm and protect the environment.
Damaged Components
Inside faults like leaks and broken valves also point to needing a new oil tank. These problems can cause oil spills, needing costly repairs. That's why checking your tank often is so necessary.
It's important to look at the tank regularly to catch these problems early. Fixing issues in time helps keep your home's heating safe and affordable. It prevents big costs and environmental harm from leaks.
Conclusion
Replacing an old oil tank is a big but worthwhile investment. Being proactive can save you a lot of money in the long run. Studies from show that planning ahead for tank replacements leads to big savings, shorter project times, and safer surroundings.
Different factors affect the cost of getting a new oil tank. The price can be anywhere from $800 to $5,500. Things like where the tank is, its size, and what kind it is play a role. Aboveground tanks are often cheaper, costing between $1,500 and $2,500. For belowground tanks, you might pay between $2,500 and $3,500 due to excavation needs. Installation costs vary as well. Skilled contractors charge $850 to $1,800 for their work.
There are more costs to think about besides the tank's price. You'll need to factor in oil removal, permits, replacing oil lines, and cleanup costs for leaks. Planning and budgeting for these extras is key for a hassle-free switch to a new tank.
Research highlights the perks of thinking ahead when it comes to oil tank swaps. By planning, you can cut costs, finish projects faster, and keep your heating system running safely and smoothly. Keeping up with checks and replacements helps tanks last longer and prevents sudden, expensive problems.
