A method for monitoring a bank of ultracapacitors configured to power an alternating current (AC) pitch motor of a pitch system in a wind turbine is provided. The method includes obtaining, by one or more control devices, data indicative of a voltage associated with the bank of ultracapacitors. The method includes conducting, by the one or more control devices, a test operation of the bank of ultracapacitors at predetermined intervals of time to determine a capacitance associated with the bank of ultracapacitors. The method further includes 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.