There are three main types of potential energy: elastic potential energy, gravitational potential energy, and chemical potential energy.
Elastic potential energy is stored in objects that can either be stretched or compressed. The more the object is stretched or compressed, the more elastic potential energy it’ll have. A classic example is a stretched rubber band. While it already has more potential energy, the further you stretch it, the higher the elastic potential energy will be.
You should also know that gravitational potential energy and elastic energy potential energy can be differentiated even further based on mechanical energy.
For instance, a car parked at the top of a hill is an example of mechanical gravitational potential energy since the automobile has the potential to come down the hill. It’s the same with a roller coaster that halts at the highest point of the rails.
On the other hand, when an archer pulls a bow before taking aim, the pulled string has more mechanical elastic potential energy that is released once the arrow is out of the bow.