Step 1: Recall the relation for rate of climb.
The rate of climb (ROC) of an aircraft is given by
\[
\boxed{
\text{Rate of Climb}
=
\frac{\text{Excess Power}}{\text{Weight}}
}
\]
where
\[
\text{Excess Power}
=
\text{Power Available}
-
\text{Power Required}.
\]
Step 2: Determine the condition for maximum rate of climb.
Since the aircraft weight remains constant,
\[
\boxed{
\text{Maximum ROC occurs when Excess Power is maximum.}
}
\]
Therefore,
\[
\boxed{\text{Excess power is maximum}}
\]
is the correct answer.
Thus,
\[
\boxed{(D)}
\]
is the correct answer.