The Value of Exploring New Technology
Adopting new equipment technologies, whether they are the latest generation of diesel engines or alternative-energy vehicles, can bring both opportunities and risks. These technologies can help fleets achieve their operational, environmental and compliance goals. However, they often come with higher upfront costs, uncertainty around performance and maintenance, and complex infrastructure requirements. Strategic partnerships can help fleets manage these challenges by mitigating risk, validating solutions and controlling costs.
Controlling Capital Costs
New generations of equipment often carry higher price tags as original equipment manufacturers (OEMs) integrate emissions-reduction technology or other advanced systems. Added costs can increase financial exposure and make it harder to invest.
Leasing provides a valuable alternative by establishing predictable monthly payments and allowing fleets to avoid large upfront expenses, reduce financial exposure and preserve cash flow. Leasing can also provide benefits on the back end, with the leasing provider taking on any risks associated with residual value and the resell process.
Alleviating Maintenance and Reliability Concerns
Unlike established platforms, new equipment may encounter unforeseen operational inefficiencies or reliability issues once deployed in real-world environments. With little historical data, predicting long-term maintenance costs and downtime can be challenging. Full-service leases include maintenance, reducing the burden of repairs and ensuring equipment remains reliable. As the maintenance provider, Penske Truck Leasing invests in ongoing training for technicians to ensure they can service new technology.
Alternative fuels, including battery electric vehicles, have different maintenance requirements than diesel vehicles. Maintenance teams need to be trained on the specific components and systems of EVs, and have access to specialized tooling.
If equipment is down for maintenance, Penske can provide replacement vehicles to reduce downtime.
Testing New Solutions
Leasing also gives fleets the flexibility to test emerging technologies without the long-term commitment of ownership. By leasing a limited number of vehicles with new systems or fuel types, fleets can evaluate real-world performance, operational fit and driver feedback before deciding on a large-scale rollout. Implementing small trials reduces risk, provides valuable data to inform future investment decisions, and builds confidence.
Meeting Infrastructure Needs
One of the greatest challenges in adopting alternative fueling technologies is infrastructure. Whether it’s charging stations for EVs or fueling systems for natural gas vehicles, building infrastructure requires significant planning, permitting and investment. Penske Energy brings valuable expertise in this area, assessing vehicle and route feasibility, identifying and applying for incentive opportunities, and guiding infrastructure development from planning to implementation.