Do you have or know someone with an underground oil tank that is currently inactive because they switched to another fuel source or went to an aboveground tank? Grants are available to offset the cost of this expense. Before putting your home on the market for sale, be sure to take the steps in advance to have the tank removed.
New Jersey has a grant to assist with the cost of this process. In addition, some companies, like Merdian Environmental Services, will do the work, provide a "contractor non-leaking certification form", forward the certification form along with all the NJEDA required forms to the homeowner to fill out along with a copy of paid invoices and receipts, as needed. The homeowner can then sign the forms and submit them with copies of their last three years tax returns and a $250 non refundable application fee to the NJEDA. Reimbursement usually takes 4-6 weeks.
NJEDA will reimburse up to $1,500 for the removal of a non-leaking underground oil tank and up to $3,500 for the removal of a non-leaking underground oil tank and the installation of a new aboveground oil tank.
If the oil tank has leaked, there is another grant from the NJDEP UST Fund for any clean up costs up to $500,000 that a home owner would be responsible for, and in the process have the oil tank removal and installation costs reimbursed to the home owner.
This program is available to residents of the State of New Jersey, with a taxable income of less than $250,000 per year and a net worth of less than $500,000, not including the value of their primary residence and retirement savings (401k/IRA/pension). This program is also available to non-profit orgnizations. Other restrictions and eligibility requirements apply.
Please feel free to visit the NJEDA at njeda.com or newtanksnj.org for more information and to download and review the required forms.
Homeowners should verify that they are qualified by using the"Grant Worksheet" to determine if they pass the Financial hardship test. In order to qualify for a 100% grant reimbursement the applicant's annual expenses need to be at leas 51% of their annual taxable income. Some companies like Meridian Environmental, supply these forms with their oil tank removal proposal. Meridian Environmental can be contacted at 732-281-1900 or 609 654-0660 for more information. Let Meridian Environmental know that Clara Lyons referred you.
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