At Greene Environmental Services, we understand that managing commercial petroleum storage tanks can be a complex and costly process. That’s why we want to ensure that our clients are aware of the Virginia Petroleum Storage Tank Fund (VPSTF) and how it can help offset some of the costs associated with cleaning up petroleum releases.
The VPSTF is administered by the Virginia Department of Environmental Quality (VDEQ) and is funded by a 0.2 to 0.6 cent per gallon state fee on regulated petroleum products. The primary use of the fund is to reimburse eligible owners/operators for reasonable and necessary costs incurred in cleaning up petroleum releases from petroleum storage tanks.
Rather than requiring the owner to pay for cleanup out-of-pocket and wait for reimbursement, the VDEQ allows the owner to assign the reimbursement payment directly to Greene Environmental Services. Our team of experts has the knowledge and experience to navigate the VPSTF process and can help ensure that our clients receive the maximum benefits available.
It’s important to note that the VPSTF does not cover all costs associated with managing commercial petroleum storage tanks. Owners/operators are required to pay a Financial Responsibility (FR), which is similar to an insurance deductible. The FR for commercial and industrial petroleum USTs (except heating oil USTs) is determined by the owner/operator’s total volume of petroleum throughput in the entire state. The FR ranges from $5,000 for total throughputs of less than 600,000 gallons to a sliding scale ranging from $10,000 to $50,000 for throughputs greater than 600,000 gallons.
Additionally, the proper closure/removal of tanks is typically not part of the cleanup work and would be at the expense of the owner, in addition to the FR if the tank(s) leaked and cleanup was necessary. However, our team can provide an estimate for the cost of closure/removal based on the specific site requirements.
At Greene Environmental Services, we are committed to helping our clients navigate the complex regulations and requirements associated with commercial petroleum storage tanks. Contact us today to learn more about the VPSTF and how we can help you achieve the environmental solutions you need. Let us show you why we are the trusted choice for environmental solutions.