Spring is a common tool and usually, their inertia is frequently neglected due to

negligible mass. When the spring is extended it will undergo displacement due to
compression. Then after some time it comes to its equilibrium position . When it is
in it's usual position i.e. without stretched, there is no energy in the spring.
But, when we alter its usual position , the spring will be able to store energy by
the virtue of its position. This energy is termed as potential energy. This is the
result of the deformation of a particular elastic object, or a spring. It also
describes the work done to stretch the spring. It depends on the spring constant
‘k’ and the distance stretched.
Therefore, the energy, stored in a compressible or stretchable object like a spring
or rubber band or molecule is known as Elastic potential energy.
The Potential energy of a spring is:
P.E =1/2k•x2