What is the energy stored in an elastic band or string known as?

In order to define the type of energy stored in an elastic band or spring, one must further explore the larger concept of potential energy. Potential energy is any stored energy that has the potential later to do work. Potential energy comes from the position at which an object is located. As one can imagine, based on this definition, potential energy can come in many different forms.

One example of potential energy is an object...

In order to define the type of energy stored in an elastic band or spring, one must further explore the larger concept of potential energy. Potential energy is any stored energy that has the potential later to do work. Potential energy comes from the position at which an object is located. As one can imagine, based on this definition, potential energy can come in many different forms.

One example of potential energy is an object that is stationary on a hill. This object has potential energy due to the force gravity is exerting on it. If the object begins to roll down the hill, potential energy turns into kinetic energy as gravity pulls the object downward. This is known as gravitation potential energy. Objects may also have potential energy based on their location within a magnetic or electrical field, known as magnetic potential energy and electrical potential energy respectively.  More specific to your question, energy stored in an elastic band or string is known as elastic potential energy, and is generated by deforming the original shape of an elastic object.  Hope this helps!