How Much Does an Oil Tank Cost? [Average Prices]
The cost of an oil tank can vary based on factors like size, material, and installation requirements. On average, homeowners can expect to spend between $800 to $2,500 for a new oil tank, with larger or more specialized tanks potentially costing more.
If your home is heated with oil, you'll have to swap out the tank at some point. In 2024, the typical price for this job is around $1,900. This price can vary a lot, from $800 to $5,500, depending on different things. The cost changes based on where the tank is, how big it is, and its style. Usually, putting in a new underground tank costs the most.
Key Takeaways
- The average cost for oil tank replacement in 2024 is $1,900.
- Potential cost range for oil tank replacement is $800 to $5,500.
- Underground tanks are generally the most expensive to replace.
- Location, size, and type of the tank are key factors affecting replacement costs.
- Labor costs for oil tank replacement range from $850 to $1,800.
Key Factors Affecting Oil Tank Cost
The size, type, and where the oil tank is placed make a big difference in cost. Knowing this helps you plan financially for a tank replacement.
Tank Size
Home oil tanks can be 275 to 330 gallons. The bigger the tank, the more it costs to replace. A 275-gallon tank's replacement may be $1,500. A 330-gallon tank could run up to $1,850 to replace. Bigger tanks like 550 gallons or 1,000 gallons might cost $2,000 to $2,500.
Tank Type
The kind of tank you have affects the cost too. Above-ground outdoor tanks are least expensive to replace, ranging from $1,250 to $2,500. Underground tanks are most costly, between $1,500 to $4,000. Costs depend on how deep they're buried. Indoor above-ground tanks are in the middle, starting at $550. They might cost $3,000 or more to replace, based on where they are.
Tank Location
Where the tank is placed also matters for the replacement cost. Replacing underground tanks is harder and pricier due to more digging. It may also add the cost of cleaning oil spills or dealing with pollution. On the flip side, replacing above-ground outdoor tanks is simpler and cheaper. There's usually no need for much digging or soil cleanup.
Average Oil Tank Replacement Costs
Above-Ground Outdoor Oil Tanks
Replacing outdoor above-ground oil tanks can cost between $1,250 and $2,500 on average. The installation might need a concrete base depending on your tank's current spot. This can add extra costs, starting at $4 per square foot for materials. Labor can cost up to $8 per square foot.
Underground Oil Tanks
For underground oil tanks, expect to pay between $1,500 to $4,000 depending on how deep they are buried. The national average cost for replacing these tanks is around $2,400. The price can range from $400 to $6,500. Generally, replacement costs are from $1,600 to $4,600.
Above-Ground Indoor Oil Tanks
Replacing indoor oil tanks can cost from $550 to over $3,000, mainly depending on the tank's position. For a basement oil tank, the average replacement price is between $1,200 and $3,300.
Oil Tank Cost by Size
Home oil tanks come in sizes from 275 to 330 gallons. The cost to replace them goes up with size. If it's buried, digging it out first adds to the cost. A typical heating oil tank holds 275 gallons. Houses with one to two bedrooms often have this size tank. Homes with three to four bedrooms usually have 300 to 500-gallon tanks. You might see above-ground oil tanks up to 550 gallons. But, underground ones can be even bigger, holding over 1,000 gallons. Here's a breakdown of replacement costs based on the tank's size:
| Tank Size (Gallons) | Replacement Cost |
|---|---|
| 275 | $1,500 |
| 300 | $1,700 |
| 330 | $1,850 |
| 550 | $2,000 |
| 1,000 | $2,500 |
Labor Costs for Oil Tank Replacement
When you budget for oil tank replacement, remember labor costs matter a lot. You'll pay between $850 to $1,800, on average, for the work. The actual price varies due to different reasons. These include how skilled the contractor is, the tank's type, and how hard the setup is.
Most contractors won't give you a set price for changing an oil tank. Your total labor bill will change based on your job's exact needs. This may include things like getting rid of old oil, permits, new fuel lines, or cleaning up leaks.
| Labor Cost Factor | Cost Range |
|---|---|
| Labor and Equipment | $600 - $1,200 |
| Old Tank Removal and Disposal | $250 - $600 |
| New Fuel Lines | $15 - $20 |
| Soil Testing | $250 - $550 |
Knowing the main labor cost factors helps you budget well. It also lets you and your contractor work together smoothly on oil tank replacement.
Other Costs to Consider for Oil Tank Cost
Oil Disposal
The tank has to be emptied and disposed of correctly. Waste disposal is priced per pound by your contractor. The cost changes with the disposal method used.
Permits
Getting permits for oil tank work is an extra expense. Fees for permits range from $250 to $550. The amount varies by where you live and how big the project is.
Oil Line Replacement
Sometimes, the oil line must be swapped out with a new one. This could increase the cost by $600 to $1,200.
Cleaning Fees
When oil has leaked or the area is dirty, it might need a lot of cleaning. This cleaning could cost over $15,000. The final price depends on the size of the mess and how much cleanup is needed.
Conclusion
Oil tanks are key in keeping your house warm. They cost around $1,900 to replace. But, the price changes based on the tank's size, type, and where you live.
People with oil heating should change their tanks every 10 to 20 years. This keeps the heating safe and working well. It is a big cost but very important. Costs can go up due to local rules, labor, and getting rid of the old tank.
Knowing the costs and what to watch for helps. This lets you plan and work with pros so the switch is smooth. Oil heating remains a good choice for many. With the right info, you can keep your home cozy and save money on energy for a long time.
FAQ
What is the average cost to replace an oil tank?
In 2024, the average cost to replace an oil tank is $1,900. This cost can vary from $800 to $5,500. The difference depends on many factors.
What factors influence the cost of replacing an oil tank?
The cost of replacing an oil tank is influenced by its size, type, and where it's located. Underground tanks are more expensive to replace. Above-ground, indoor tanks usually cost less.
How much does it cost to replace an above-ground outdoor oil tank?
Replacing outdoor above-ground oil tanks can cost between $1,250 and $2,500. You should also plan for the cost of a concrete base. This can add $4 to $8 for every square foot needed.
What is the typical size range for home oil tanks?
Home oil tanks usually range from 275 to 330 gallons. Bigger tanks cost more to replace, especially if they are buried and need to be dug out. A common size for these tanks is 275 gallons. Yet, some larger homes might use tanks that hold 300 to 500 gallons.
What are the average labor costs for oil tank replacement?
Labor costs for oil tank replacement average between $850 and $1,800. The final price depends on different factors. Contractors’ prices are not fixed for this service.
What other costs should I consider when replacing an oil tank?
Be ready for extra costs like oil disposal, permits, and cleaning fees. The old tank will need to be emptied and removed safely. The contractor will include this in the total price.
