diff --git a/charts/index.yaml b/charts/index.yaml
index 2815ab8d7284..74d17c7a81a4 100644
--- a/charts/index.yaml
+++ b/charts/index.yaml
@@ -2,8 +2,17 @@ apiVersion: v1
 entries:
   karpenter:
   - apiVersion: v2
-    created: "2021-11-15T09:46:01.75712-08:00"
+    created: "2021-11-26T12:25:26.750871-08:00"
     description: A Helm chart for https://github.com/aws/karpenter/.
+    digest: 6d49a00dca8a6f8d7938e9508228af085d85a2746e2f742c895b954fe71292df
+    name: karpenter
+    type: application
+    urls:
+    - karpenter-0.5.0.tgz
+    version: 0.5.0
+  - apiVersion: v2
+    created: "2021-11-26T12:25:26.750211-08:00"
+    description: A Helm chart for https://github.com/awslabs/karpenter/.
     digest: 70c5bbea1016aa56da5227b7f5d7cf5700c4d38ff1814f8e28072c77d8a02c20
     name: karpenter
     type: application
@@ -11,8 +20,8 @@ entries:
     - karpenter-0.4.3.tgz
     version: 0.4.3
   - apiVersion: v2
-    created: "2021-11-15T09:46:01.756647-08:00"
-    description: A Helm chart for https://github.com/aws/karpenter/.
+    created: "2021-11-26T12:25:26.749424-08:00"
+    description: A Helm chart for https://github.com/awslabs/karpenter/.
     digest: 558f26b8786384766407c5f86cff5180066c4fa68fe9e3cf7b782ec8564f04ff
     name: karpenter
     type: application
@@ -20,8 +29,8 @@ entries:
     - karpenter-0.4.2.tgz
     version: 0.4.2
   - apiVersion: v2
-    created: "2021-11-15T09:46:01.755895-08:00"
-    description: A Helm chart for https://github.com/aws/karpenter/.
+    created: "2021-11-26T12:25:26.748785-08:00"
+    description: A Helm chart for https://github.com/awslabs/karpenter/.
     digest: ec4bcf2a7f279ad97b8749a7f1a8edd527a09f8c00614d911a773843bd44a58b
     name: karpenter
     type: application
@@ -29,8 +38,8 @@ entries:
     - karpenter-0.4.1.tgz
     version: 0.4.1
   - apiVersion: v2
-    created: "2021-11-15T09:46:01.754933-08:00"
-    description: A Helm chart for https://github.com/aws/karpenter/.
+    created: "2021-11-26T12:25:26.748118-08:00"
+    description: A Helm chart for https://github.com/awslabs/karpenter/.
     digest: d4ea011979906ad22b2345d0eb4c941445e89c1b0561c6ae44bb71fdb641c161
     name: karpenter
     type: application
@@ -38,8 +47,8 @@ entries:
     - karpenter-0.4.0.tgz
     version: 0.4.0
   - apiVersion: v2
-    created: "2021-11-15T09:46:01.754094-08:00"
-    description: A Helm chart for https://github.com/aws/karpenter/.
+    created: "2021-11-26T12:25:26.747454-08:00"
+    description: A Helm chart for https://github.com/awslabs/karpenter/.
     digest: e8b9b3dd447d0ab48b66156bf88ae924121e5780d741ee18cc9a43a90a6f4290
     name: karpenter
     type: application
@@ -47,8 +56,8 @@ entries:
     - karpenter-0.3.4.tgz
     version: 0.3.4
   - apiVersion: v2
-    created: "2021-11-15T09:46:01.753259-08:00"
-    description: A Helm chart for https://github.com/aws/karpenter/.
+    created: "2021-11-26T12:25:26.746775-08:00"
+    description: A Helm chart for https://github.com/awslabs/karpenter/.
     digest: 0d8bc4c74416aeb5233a0a65c4b4fd678b7c961f1dca10604e33337715b585ff
     name: karpenter
     type: application
@@ -56,8 +65,8 @@ entries:
     - karpenter-0.3.3.tgz
     version: 0.3.3
   - apiVersion: v2
-    created: "2021-11-15T09:46:01.75242-08:00"
-    description: A Helm chart for https://github.com/aws/karpenter/.
+    created: "2021-11-26T12:25:26.746087-08:00"
+    description: A Helm chart for https://github.com/awslabs/karpenter/.
     digest: e24d1ca8364e92d161f8295b552ec101a72491c62926dd67779d4e4a7e6b5756
     name: karpenter
     type: application
@@ -65,8 +74,8 @@ entries:
     - karpenter-0.3.2.tgz
     version: 0.3.2
   - apiVersion: v2
-    created: "2021-11-15T09:46:01.751277-08:00"
-    description: A Helm chart for https://github.com/aws/karpenter/.
+    created: "2021-11-26T12:25:26.745364-08:00"
+    description: A Helm chart for https://github.com/awslabs/karpenter/.
     digest: 86c9a22a01247b2ed564baa12b88ed2df6556c9e8cb6aca9b990212c1e809c45
     name: karpenter
     type: application
@@ -74,8 +83,8 @@ entries:
     - karpenter-0.3.1.tgz
     version: 0.3.1
   - apiVersion: v2
-    created: "2021-11-15T09:46:01.75027-08:00"
-    description: A Helm chart for https://github.com/aws/karpenter/.
+    created: "2021-11-26T12:25:26.744695-08:00"
+    description: A Helm chart for https://github.com/awslabs/karpenter/.
     digest: 6d86156704c2c7eac8094dbe57458a3b1334eb38626b6da4ccd60c5cd65e0250
     name: karpenter
     type: application
@@ -83,8 +92,8 @@ entries:
     - karpenter-0.3.0.tgz
     version: v0.3.0
   - apiVersion: v2
-    created: "2021-11-15T09:46:01.749662-08:00"
-    description: A Helm chart for https://github.com/aws/karpenter/.
+    created: "2021-11-26T12:25:26.743953-08:00"
+    description: A Helm chart for https://github.com/awslabs/karpenter/.
     digest: 5b19f5da4dd3d3e147f3e93bf168d1cd24106e12eb7fe44ad88850f73ceb82f0
     name: karpenter
     type: application
@@ -92,8 +101,8 @@ entries:
     - karpenter-0.2.9.tgz
     version: v0.2.9
   - apiVersion: v2
-    created: "2021-11-15T09:46:01.748498-08:00"
-    description: A Helm chart for https://github.com/aws/karpenter/.
+    created: "2021-11-26T12:25:26.742353-08:00"
+    description: A Helm chart for https://github.com/awslabs/karpenter/.
     digest: 8b704acc1a9c018da774f62c6be824e7389bb482437d318902d01237e3cacfc5
     name: karpenter
     type: application
@@ -101,8 +110,8 @@ entries:
     - karpenter-0.2.8.tgz
     version: v0.2.8
   - apiVersion: v2
-    created: "2021-11-15T09:46:01.747864-08:00"
-    description: A Helm chart for https://github.com/aws/karpenter/.
+    created: "2021-11-26T12:25:26.74157-08:00"
+    description: A Helm chart for https://github.com/awslabs/karpenter/.
     digest: 048ec496d46d8ab534bc8af6090699fedd2aaf45c8e1658636c7a44afdb6e898
     name: karpenter
     type: application
@@ -110,8 +119,8 @@ entries:
     - karpenter-0.2.7.tgz
     version: v0.2.7
   - apiVersion: v2
-    created: "2021-11-15T09:46:01.747217-08:00"
-    description: A Helm chart for https://github.com/aws/karpenter/.
+    created: "2021-11-26T12:25:26.740821-08:00"
+    description: A Helm chart for https://github.com/awslabs/karpenter/.
     digest: 48008ba427baa5206bd59abe9e25005b0b6673f03e705f2149717bb89156873d
     name: karpenter
     type: application
@@ -119,8 +128,8 @@ entries:
     - karpenter-0.2.6.tgz
     version: v0.2.6
   - apiVersion: v2
-    created: "2021-11-15T09:46:01.746589-08:00"
-    description: A Helm chart for https://github.com/aws/karpenter/.
+    created: "2021-11-26T12:25:26.739884-08:00"
+    description: A Helm chart for https://github.com/awslabs/karpenter/.
     digest: 208d0c14d2cdbc8c387dc92a473b625f905e829486edd5fd007eb56c9f896682
     name: karpenter
     type: application
@@ -128,8 +137,8 @@ entries:
     - karpenter-0.2.5.tgz
     version: v0.2.5
   - apiVersion: v2
-    created: "2021-11-15T09:46:01.745766-08:00"
-    description: A Helm chart for https://github.com/aws/karpenter/.
+    created: "2021-11-26T12:25:26.739084-08:00"
+    description: A Helm chart for https://github.com/awslabs/karpenter/.
     digest: ed7d1d08bde38f41a6bc8a4bf93b4dd85a3b6e5f526e44324483eadc9faeea6d
     name: karpenter
     type: application
@@ -137,8 +146,8 @@ entries:
     - karpenter-0.2.4.tgz
     version: v0.2.4
   - apiVersion: v2
-    created: "2021-11-15T09:46:01.745089-08:00"
-    description: A Helm chart for https://github.com/aws/karpenter/.
+    created: "2021-11-26T12:25:26.738124-08:00"
+    description: A Helm chart for https://github.com/awslabs/karpenter/.
     digest: 902bd53be060893d4bfe3c0f57ae831448aa8790930d153666429ea5472d824b
     name: karpenter
     type: application
@@ -146,8 +155,8 @@ entries:
     - karpenter-0.2.3.tgz
     version: v0.2.3
   - apiVersion: v2
-    created: "2021-11-15T09:46:01.74469-08:00"
-    description: A Helm chart for https://github.com/aws/karpenter/.
+    created: "2021-11-26T12:25:26.737654-08:00"
+    description: A Helm chart for https://github.com/awslabs/karpenter/.
     digest: 90d075cbc08871ffb56b2e530fdf304b6af32c76670fcdd299af87d3810d4651
     name: karpenter
     type: application
@@ -155,8 +164,8 @@ entries:
     - karpenter-0.2.2.tgz
     version: v0.2.2
   - apiVersion: v2
-    created: "2021-11-15T09:46:01.744113-08:00"
-    description: A Helm chart for https://github.com/aws/karpenter/.
+    created: "2021-11-26T12:25:26.736993-08:00"
+    description: A Helm chart for https://github.com/awslabs/karpenter/.
     digest: 87e161d40c65dc58a3963f17d70cc165a5bf46155f723e487486f57d209e50d1
     name: karpenter
     type: application
@@ -164,8 +173,8 @@ entries:
     - karpenter-0.2.1.tgz
     version: v0.2.1
   - apiVersion: v2
-    created: "2021-11-15T09:46:01.74361-08:00"
-    description: A Helm chart for https://github.com/aws/karpenter/.
+    created: "2021-11-26T12:25:26.736198-08:00"
+    description: A Helm chart for https://github.com/awslabs/karpenter/.
     digest: 552bdc17f5625e4696bb7419284026f4291428877092ec5d984f486a2b812d6f
     name: karpenter
     type: application
@@ -173,8 +182,8 @@ entries:
     - karpenter-0.2.0.tgz
     version: v0.2.0
   - apiVersion: v2
-    created: "2021-11-15T09:46:01.743016-08:00"
-    description: A Helm chart for https://github.com/aws/karpenter/.
+    created: "2021-11-26T12:25:26.73543-08:00"
+    description: A Helm chart for https://github.com/awslabs/karpenter/.
     digest: 1a597c415201e61576b83ee6ec3e24b99281805b3be8141b0a344c6f014d4e15
     name: karpenter
     type: application
@@ -182,8 +191,8 @@ entries:
     - karpenter-0.1.3.tgz
     version: v0.1.3
   - apiVersion: v2
-    created: "2021-11-15T09:46:01.742439-08:00"
-    description: A Helm chart for https://github.com/aws/karpenter/.
+    created: "2021-11-26T12:25:26.734574-08:00"
+    description: A Helm chart for https://github.com/awslabs/karpenter/.
     digest: 6a6753731aef19db2aae72b6bfc1535917053d87f706579e158cae98c23887b4
     name: karpenter
     type: application
@@ -191,12 +200,12 @@ entries:
     - karpenter-0.1.2.tgz
     version: v0.1.2
   - apiVersion: v2
-    created: "2021-11-15T09:46:01.74174-08:00"
-    description: A Helm chart for https://github.com/aws/karpenter/.
+    created: "2021-11-26T12:25:26.733623-08:00"
+    description: A Helm chart for https://github.com/awslabs/karpenter/.
     digest: 39685c8cbe9a757ca48721aed08b49111fef18bc2a9f67d3223f19d0706f09f7
     name: karpenter
     type: application
     urls:
     - karpenter-0.1.1.tgz
     version: v0.1.1
-generated: "2021-11-15T09:46:01.740397-08:00"
+generated: "2021-11-26T12:25:26.732055-08:00"
diff --git a/charts/karpenter-0.5.0.tgz b/charts/karpenter-0.5.0.tgz
new file mode 100644
index 000000000000..1064fe219ef5
Binary files /dev/null and b/charts/karpenter-0.5.0.tgz differ
diff --git a/charts/karpenter/Chart.yaml b/charts/karpenter/Chart.yaml
index 8cdc92ad14e7..dcdd1cafac37 100644
--- a/charts/karpenter/Chart.yaml
+++ b/charts/karpenter/Chart.yaml
@@ -2,4 +2,4 @@ apiVersion: v2
 name: karpenter
 description: A Helm chart for https://github.com/aws/karpenter/.
 type: application
-version: 0.4.3
+version: 0.5.0
diff --git a/charts/karpenter/values.yaml b/charts/karpenter/values.yaml
index 9641eae9073f..3406493d5508 100644
--- a/charts/karpenter/values.yaml
+++ b/charts/karpenter/values.yaml
@@ -11,7 +11,7 @@ controller:
   nodeSelector: {}
   tolerations: []
   affinity: {}
-  image: "public.ecr.aws/karpenter/controller:v0.4.3@sha256:c10e7804ac763ce34ddfda09d1bb0501026aaf6520bc72d0aed05aab4c4ecf6f"
+  image: "public.ecr.aws/karpenter/controller:v0.5.0@sha256:76fab69a5a2b1f5736c8beea349e60174d8903b26b65c4cc5009c6528f9aea72"
   clusterName: ""
   clusterEndpoint: ""
 webhook:
@@ -19,5 +19,4 @@ webhook:
   nodeSelector: {}
   tolerations: []
   affinity: {}
-  image: "public.ecr.aws/karpenter/webhook:v0.4.3@sha256:576628e37932715cdef2d5bc4bc641a255803b81a2ffb104d674f9f996b10936"
-  
\ No newline at end of file
+  image: "public.ecr.aws/karpenter/webhook:v0.5.0@sha256:bc639160d55a15e1f9362a06d42e4133e692d3c81e96d87e2672bd9c53c98958"
diff --git a/website/content/en/pre-docs/getting-started/_index.md b/website/content/en/pre-docs/getting-started/_index.md
index dca5419a4869..a6b719da102d 100644
--- a/website/content/en/pre-docs/getting-started/_index.md
+++ b/website/content/en/pre-docs/getting-started/_index.md
@@ -154,7 +154,7 @@ eksctl. Thus, we don't need the helm chart to do that.
 helm repo add karpenter https://charts.karpenter.sh
 helm repo update
 helm upgrade --install karpenter karpenter/karpenter --namespace karpenter \
-  --create-namespace --set serviceAccount.create=false --version 0.4.3 \
+  --create-namespace --set serviceAccount.create=false --version 0.5.0 \
   --set controller.clusterName=${CLUSTER_NAME} \
   --set controller.clusterEndpoint=$(aws eks describe-cluster --name ${CLUSTER_NAME} --query "cluster.endpoint" --output json) \
   --wait # for the defaulting webhook to install before creating a Provisioner