Elastic potential energy is the energy stored in an object when it is stretched or compressed. This type of energy is commonly found in materials like springs and rubber bands. When you stretch a rubber band, for example, you are doing work on it, and it stores energy that can be released when the band returns to its original shape. When the force applied to the elastic object is removed, the stored energy is converted back into kinetic energy, causing the object to move. The amount of elastic potential energy depends on how much the object is deformed and the material's properties, such as its stiffness.