How Much Does a Phase 1 ESA Cost?
Phase 1 Environmental Site Assessments Protect You Against Environmental Liability
Property transactions can make finances tight. A properly conducted Phase 1 ESA can spare you from even more costly environmental liability and can help diagnose and treat harmful contaminants. Conducting a Phase I ESA is a precautionary investment to protect you from liability during a property transaction. Additionally, whether you are buying or selling property, a Phase I ESA can provide reassurance that a property is environmentally sound and can affect property value.
Who Pays for a Phase 1 ESA?
Environmental liability can hold the previous or current property owner responsible for any environmental damage. While a Phase I ESA is not required by Wisconsin law, the following people associated with the property may have special interest in protecting themselves from the expensive consequences of environmental liability:
- The seller
- The buyer
- The lender
Any one of the aforementioned people can initiate a Phase I ESA on the property. Whether you are a lender interested in property value, or the seller or buyer looking to avoid liability, the cost of conducting a Phase I ESA can be easily off-set by protecting financial investments and removing potentially expensive environmental liability.
What Is the Cost of a Phase 1 Environmental Site Assessment in Wisconsin?
The cost of a Phase 1 ESA varies significantly with each assessment and ultimately depends on the amount of time your ESA team spends assessing the property. The amount of time it takes to conduct a Phase 1 ESA is reliant upon several factors, including:
- Location of Property and Records: The accessibility of your property and its historical records will impact the amount of time it takes your team to travel to them. If the property is located in a remote area or if property records are difficult to track down, it will take your team longer to complete this step.
- Property Development: The more developed the property and location, the more time it will take your team to review historical documents. Urban areas where buildings and properties have undergone multiple transformations tend to have a higher volume of records. Your team will need to sift through all records to see if previous environmental claims have been made concerning the property or if the property ever housed environmentally sensitive activities.
- Property Size and Function: If the property is large or has multiple buildings, it will be more time consuming to assess. Similarly, if the current or previous function of the property includes environmentally-impacting activities, your team will likely spend more time checking for signs of environmental damage.
- Size and Function of Surrounding Properties: While the property may not be the cause of potential damage, your Phase 1 ESA team must also assess bordering properties. If neighboring properties are large or conduct activities that could negatively impact the environment, this process could become more time-consuming.
Bear in mind that a Phase 1 ESA conducted too quickly is likely to be incomplete, which could lead to pricey consequences in the future. Ensure your environmental site assessment is thorough by placing the assessment in the experienced hands of Hyde Environmental. Contact us for a free quote!
Hyde Environmental Phase 1 Environmental Site Assessments Are Comprehensive and Cost-Efficient
Our experienced staff knows the importance of a thorough Phase 1 ESA. When conducted properly, a Phase 1 ESA can save you from a more expensive Phase 2 ESA or the costs of environmental liability. Our professionals also understand finances can be tight during property transactions. To better serve you, all of our Phase 1 ESA teams include senior staff members with years of careful experience to ensure a comprehensive and cost-efficient assessment. Contact our environmental experts to conduct your Phase 1 ESA.