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Elastic potential energy is the energy stored after stretching or compressing an elastic object by an external force. Rubber bands are an example of such elastic objects where elastic potential energy can be stored.

If you have ever stretched a rubber band you know that it has energy stored in it and it will not be there after you release it. Basically, when you stretch the bands, it takes force which requires work needed to be done on it by an individual. This work gets stored in the rubber bands in the form of potential energy. The energy stored depends on the distance that it is stretched and the spring constant of the elastic band. When the rubber band is released, this elastic potential energy is converted to kinetic energy that helps it to regain its original position.