Old USTs? New CO Policies Offer Incentives
As an underground storage tank (UST) owner or operator, you know the lurking prospect of discovering a release upon equipment upgrade or tank removal and the potential cost to your business through business disruption or costly clean-up activities. To encourage compliance for operating fuel-dispensing facilities and to promote the environmental benefits of removing tank systems without replacing, Colorado’s Petroleum Storage Tank Committee is now offering incentives to defray the often-unanticipated costs of cleaning up a new release. Continue reading to learn more about how these incentives can minimize the cost to your business and how Pinnacle EMS can help you leverage this program while focusing on your business.
Remove or Replace your Tanks—With or Without Contamination
To encourage removal or replacement of aging UST systems, the State has implemented an incentive policy due to 30-year warranties expiring on the numerous USTs installed in the late 1980s. Reimbursement is now available for system removal costs for USTs installed prior to August 2008 at $1.00 per gallon of UST volume up to a maximum of $30,000 per facility whether contamination is present or not. Here are some details of the new policy.
No Deductible If Closing Tanks
Another incentive program for 2019 is waiver of the Colorado Petroleum Storage Tank Fund’s $10,000 deductible for an owner/operator closing their entire system without replacing. So, if your tanks are removed in 2019, and not replaced, and an eligible release is discovered, reimbursement starting with the first qualifying dollar is available when an application and waiver request are submitted within 180 days from the release confirmation date.
The Advantage of Partnership
As with any incentive program, if deadlines are missed or errors made, then you may have to pass up the opportunity. To ensure you can take advantage of incentive programs like these while keeping your eye on the hundreds of other small decisions you make as a business owner, consider Pinnacle EMS as your partner to help you navigate the complexities of the Petroleum Storage Tank Fund in Colorado or any other state trust funds you may have opportunities with. With over 25 years of experience, Pinnacle will give you the peace of mind that you’re maximizing your reimbursement potential, all while focusing on what makes your business great.
Have a question about how this might affect you? Looking for an ally to help you with your UST claims?
Contact Christine Sniezek at 954-977-3775 ext. 109 or csniezek@pinnacleems.com.
