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There are many applications of potential energy, with even more influences. Traditional applications in classical physics involve suspended/falling objects, whose potential energy can be defined as:

Potential Energy = mass * force of gravity * height

Another traditional example would be compression systems (such as springs):

Potential Energy = Spring Constant (essentially the resistivity of the spring) * displacement (or how far it is compressed/stretched)

Any of these described factors would contribute to an object's potential energy.

Potential energy is also present as chemical, electrical and quantum/nuclear potential energy, which is much more complex and is probably best answered with a more specific question if you're interested.

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Q: What will affect an object's potential energy?
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