Oil Tank Removal NJ Rebates and Grants
The state of New Jersey has established a program of grants to assist owners of residential properties who have a leaking in-ground oil tank. In 2017, the program received more than $12,000,000 to disburse to applicants. While last year’s money has been spent, July 2018 will see further money being put into this fund. This is an ongoing program into which funds are placed annually, every July.
What Is the NJDEP Tank Grant Program?
The original tank removal NJ rebate program was put in place several years ago, however, it has been through several changes since its beginning, with commercial applicants being excluded from applying for financial aid for NJ oil tank removals. Also, funding has recently been suspended for residential oil tank removal in any case where the tank is not leaking. On the other hand, grants are still available for those who have to pay for clean up following leaks from their oil tank.
Since 2011, date stamping has been taking place for applicants to hold their place in line for allocation of grant money. Grants are always processed in time order, thus there can be delays for several years until money is processed. Anyone who wishes to apply for financial aid for oil tank removal should submit the cost of their remedial plan of action to the program committee as this will ensure speedier approval of the grant.
How Does The NJDEP Grant Application Process Work?
• The NJDEP date stamps the application immediately on receipt
• The NJDEP carries out an application review to ensure it has been completed in full and if anything is missing, the applicant will be asked to supply the necessary information
• Eventually, the applicant is contacted, and a full review begins.
• If the applicant has already paid for the remediation process to be carried out, the charges are reviewed and the rebate either denied or approved.
• The EDA will approve or deny the application for the grant based on financial information supplied by the applicant. The applicant must submit 3 years of tax returns as well as a fee of $250.
• There are 3 criteria which the applicant must meet: they must own the property when the leaking tank is removed, their net worth must be under $500,000.00 excluding property value and retirement accounts, and they must have a taxable income under $250,000.00
• If the EDA agree to the grant, the applicant receives a letter of approval.
• The grant money will then be retained by the NJDEP until all work is complete and the bill has been submitted for review and approval.
How Long Does It Take To Receive The Grant?
It may take as long as 6 to 8 weeks for the EDA to review any application. However, after the appropriate funding type has been determined, the applicant receives notification confirming the amount to be paid. The average turnaround time for grant disbursement is 4 to 6 weeks.
Looking for more information or have questions regarding oil tank removals feel free to contact All American Environmental. We are your local NJ environmental consultant and contractor. We are here to help you.