Underground Storage Tank Funding
The State of New Jersey has inniated a program to assist those who want to close or replace their underground storage tanks. The reimbursement program is available to residential and commercial property owners. The program funding is disbursed by the NJEDA with some oversight being provided by the NJDEP.
Preferred Tank Services can help solve your removal and replacement need and assist you in acquiring the funding!
Petroleum Underground Storage Tank (PUST) Fund
The Petroleum Underground Storage Tank (PUST) Fund provides funding for the closure/removal/replacement of a non-leaking residential underground storage tanks. Upon the completion of field services, the applicant can apply for the grant and may receive the following:
- $1,200 for a tank closure/removal, or
- $3,000 for a tank closure/removal and tank installation
The following are the primary eligilibility requirements to receive funding:
- An annual taxable income of not more than $250,000; and
- Net worth, exclusive of applicant’s primary residence and pension (401K, IRAs), of not more than $500,000; and
- A determination of financial hardship which will be based on whether an applicant can reasonably be expected to repay, if the funding were to be awarded as a loan.
Contact us to learn more!
Underground Storage Tank (UST) Fund
The Underground Storage Tank (UST) Fund is similar to the PUST Fund and differs that it applies to leaking tanks and all the costs associated with remedial actions. The applicant can begin the application process once field activities commence. The UST Fund does require oversight of the project by the NJDEP prior to the issuance of funds by the NJEDA.
The UST Fund will repay 100% of eligible project costs up to $500,000 per residential site!
The following are the primary eligilibility requirements to receive funding for homeowners:
- An annual taxable income of not more than $250,000; and
- Net worth, exclusive of applicant’s primary residence and pension (401K, IRAs), of not more than $500,000; and
- A determination of financial hardship which will be based on whether an applicant can reasonably be expected to repay, if the funding were to be awarded as a loan.
Preferred Tank Services has prepared numerous grants for our clients and have secured hundreds of thousands of dollars for remediation projects.
Contact us to learn more!
