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 AST Financial Assistance Program will receive $350,000 for tank replacements on July 1, 2018. The AST Financial Assistance Program will only be offering assistance to applicants that are in need of a full tank replacement, upgrades are not eligible for assistance at this time. The annual household income cap will remain at $65,000. The amount awarded is based on income and household size, and could range anywhere from $250 to $2000. Proposals/estimates are not needed when the application is submitted. Work completed prior to application approval is not eligible for financial assistance. Homeowners can apply online by clicking on this link. You can also fill out a paper application, download the form here. 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. Click here for more information.
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.
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. You 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