Funds for Tank Replacement
The Vermont Petroleum Cleanup Fund (PCF) offers financial assistance to residential tank owners toward the removal, replacement, or upgrade of both aboveground and underground fuel oil storage tanks. Qualified applicants may be eligible to receive up to $2,000 for an indoor tank, up to $3,000 for an outdoor tank, and up to $4,000 for an underground tank.The financial assistance program expenditure is capped at $400,000 per fiscal year (FY) from July 1 to June 30. Work completed prior to application approval is not eligible for financial assistance. More information on the Vermont Tank Financial Assistance Program can be found at the Agency of Natural Resources, Department of Environmental Conservation website found here.
If you don't qualify for financial assistance from the state of Vermont, you may be eligible for a $250 rebate when replacing a non-compliant tank.
Other Assistance Options
The U.S. Department of Agriculture Rural Development has a grant and loan program for low income households, the 504 Home Repair Program. For seniors, it can provide up to $7500 in grant funds to purchase a new tank (or make other HVAC repairs), and for most others, it can provide up to a $20,000 loan (1% for up to 20 years). Replacing a tank could cost as little as $10 a month. Click here for more information.
The VGreen Energy Improvement Loan offered by VSECU can also be used to finance oilheat and kerosene tank replacements. Discounted fixed rates and extended terms make this a low-cost financing option—a much more manageable solution than paying the full cost up front or charging it to a high-interest-rate credit card. Folks can apply for the VGreen Energy Improvement Loan at the VSECU website.
If you live in a rental property and have questions about whether you can repair the tank and deduct from your rent, you are encouraged to contact Vermont Law Help at 800-889-2047 or vtlawhelp.org