A method for monitoring a bank of ultracapacitors configured to power an alternating current pitch motor of a pitch system in a wind turbine, the bank of ultracapacitors comprising a plurality of segments, each segment of the plurality of segments comprising one or more ultracapacitors, the method comprising: obtaining, by one or more control devices, data indicative of a voltage associated with the ultracapacitors comprising data indicative of a total voltage across the ultracapacitors; conducting, by the one or more control devices, a test operation of the ultracapacitors at predetermined intervals of time to determine a capacitance associated with the ultracapacitors; the test operation further comprising: coupling the ultracapacitors to a charging circuit to charge the ultracapacitors to a charging voltage that is greater than a nominal voltage of the ultracapacitors by a predefined amount; responsive to charging the ultracapacitors to the charging voltage, coupling the ultracapacitors to a resistive load such that the ultracapacitors discharge through the load; (306, 308) obtaining, by the one or more control devices, data during discharge through the load, the data indicative of at least one of a rate of discharge of the ultracapacitors and a discharge current of the ultracapacitors; and determining, by the one or more control devices, the capacitance associated with the ultracapacitors based, at least in part, on the data obtained during discharge through the load; and performing, by the one or more control devices, one or more control actions based, at least in part, on the capacitance or the data indicative of the voltage. obtaining, by one or more control devices, data indicative of a voltage associated with the ultracapacitors comprising data indicative of a total voltage across the ultracapacitors; conducting, by the one or more control devices, a test operation of the ultracapacitors at predetermined intervals of time to determine a capacitance associated with the ultracapacitors; the test operation further comprising: coupling the ultracapacitors to a charging circuit to charge the ultracapacitors to a charging voltage that is greater than a nominal voltage of the ultracapacitors by a predefined amount; responsive to charging the ultracapacitors to the charging voltage, coupling the ultracapacitors to a resistive load such that the ultracapacitors discharge through the load; (306, 308) obtaining, by the one or more control devices, data during discharge through the load, the data indicative of at least one of a rate of discharge of the ultracapacitors and a discharge current of the ultracapacitors; and determining, by the one or more control devices, the capacitance associated with the ultracapacitors based, at least in part, on the data obtained during discharge through the load; and coupling the ultracapacitors to a charging circuit to charge the ultracapacitors to a charging voltage that is greater than a nominal voltage of the ultracapacitors by a predefined amount; responsive to charging the ultracapacitors to the charging voltage, coupling the ultracapacitors to a resistive load such that the ultracapacitors discharge through the load; (306, 308) obtaining, by the one or more control devices, data during discharge through the load, the data indicative of at least one of a rate of discharge of the ultracapacitors and a discharge current of the ultracapacitors; and determining, by the one or more control devices, the capacitance associated with the ultracapacitors based, at least in part, on the data obtained during discharge through the load; and performing, by the one or more control devices, one or more control actions based, at least in part, on the capacitance or the data indicative of the voltage.