How much does a Phase I ESA cost?
How much does a Phase I ESA Cost? – That’s a question we hear often. First, let’s make it really clear that the question: How much does a Phase I ESA cost? – can’t be answered with one overall price. The Phase I ESA Report must take many things into consideration such as the location, the prior use of the property, the number of prior owners, travel costs, etc. In general, Phase I ESA costs vary with the nature of the property (size, use, and regulatory history) as well as the client’s needs (refinance, purchase, risk tolerance).
So, How much does a Phase I ESA cost?
Given the caveats we’ve stated here, the average cost for a Phase I ESA is $1,750 to over $20,000. (Some outline Phase I ESA – for a Brownfield site could be as high as $100,000 – we can’t put a limit on it if the site project is a large railroad yard, a large hospital complex, or an entire town. See our City of Speedway Redevelopment Project. The $1,750 figure for a Phase I ESA Report is a smaller simpler site, a $20,000 Phase I ESA Report is for an industrial site with a history of issues that will need to be evaluated. The larger and more complex a site is the more time required and thus the more expensive.
What to ask a consultant when inquiring about the question: How much does a Phase I ESA cost?
- Will you visit the environmental governing agency if there are files accessible? By statute, they must answer yes.
- How long will you spend on-site? It must be long enough to walk the complete property, examine the interior as well as the exterior (including the roof), and analyze all on-site records. How long would that take?
- What are the qualifications of the individual performing the site visit and composing the report (not just the person who will be signing off on the report, but preferably the person actually doing the work)? The ASTM E-1527 standard sets forth who qualifies as an Environmental Professional including precise education and experience requirements. Depending upon the advanced degrees and/or the licenses and certifications as few as three years or as much as ten years of relevant full-time work experience may be expected.
- How long has your company been in business?
- Have you ever been sued and what is the limit of your professional liability insurance policy? If a company is cutting corners on a Phase I ESA Report, then they probably have been sued before and probably carry the least insurance possible to limit their vulnerability. There are no limit requirements for environmental professionals, but you should demand at least enough coverage to protect the value of your investment!
Want more information on the question: How much does a Phase I ESA cost?
We’ve written a complete article on this topic which we encourage you to read. It is called How much does a Phase I ESA cost? If you want to speak to us to discuss your unique Phase I Environmental Site Assessment needs or to discuss any other aspect regarding environmental concerns with buying or selling real estate, please get in touch. We are more than happy to answer your questions. If you have more inquiries on the topic “How much does a Phase I ESA cost?” you can reach us via our online contact form, or you can call us at Indianapolis – Carmel office at 317-590-0521, or email us directly at email@example.com.