Yes there is, but the target has to be a proxmox backup server. Encryption on other storages are currently not supported.
If you have a pbs set up and added as storage, you can go to <pve instance> > Datacenter > Storage > <pbs storage> > Edit and there you have an encryption tab.
Be aware that any previous backups will still be unencrypted and that you can't do an incremental backup from the plaintext one