File cannot be loaded because the execution of scripts is disabled on this system error in PowerShell

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Issue
When you try to run a Powershell script (PS1), you may get the following error:

File testscript.ps1 cannot be loaded because the execution of scripts is disabled on this system.
Please see “get-help about_signing” for more details.

Product Line

ION EEM

ION Enterprise 6.0x

Power Monitoring Expert 7.0.1

Power Monitoring Expert 7.2x

Environment
ION PME Software with SQL Server

Cause
This error is cause by the security setting on your pc that does not allow you to execute a script.
By default, the Execution Policy is set to Restricted. The Restricted setting means that you may not run any PS1 script at all.

Resolution
To change the Execution Policy to Unrestricted, type the following command in PowerShell

Set-ExecutionPolicy Unrestricted

An overview of the policy levels:
Restricted: Individual cmdlets can run, but not saved Powershell scripts. This is the default setting.
AllSigned: Scripts can run, but must have a digital signature even if written on the local computer. Prompts you
before running scripts from trusted publishers.
RemoteSigned: Scripts written on the local computer do not need a digital signature, but any script downloaded
from outside (email, IM, Internet) must have a signature to execute.
Unrestricted: Any script can run, but scripts downloaded from outside will run with a warning.