When you encounter a situation where using the SUBSTITUTE function along with the CLEAN function in Excel results in a hash value error (######), there are a few possible reasons for this issue. Let's explore these reasons and potential solutions:

Data Overflow: The hash value error (######) in Excel often occurs when the result of a formula exceeds the column width. When you use functions like SUBSTITUTE and CLEAN, the resulting text might be longer than the original text, leading to the hash value error.
- Solution: Adjust the column width to accommodate the longer text that results from the formula. Simply click and drag the column separator to the right to expand the column width.
Non-Printable Characters: The CLEAN function is designed to remove non-printable characters from text, but there might be instances where the text contains characters that aren't directly visible in Excel. These characters might not be removed properly by the CLEAN function.
- Solution: If non-printable characters are causing the issue, you might need to identify and remove them manually or using more advanced text processing tools.
Cell Formatting: Sometimes, cell formatting can lead to display issues. If you have applied a specific formatting style to the cells where the formulas are located, it might affect the display of the formula results.
- Solution: Check the cell formatting and consider changing it to a general or text format to ensure that the formula results are displayed properly.
Formula Syntax: Check the syntax of your formulas carefully. An incorrect formula can lead to unexpected results, including hash value errors.
- Solution: Review your formula syntax and ensure that you're using the correct functions and references.
Data Corruption: In rare cases, Excel files can experience data corruption, leading to unexpected errors and display issues.
- Solution: Try copying the affected data to a new Excel file and see if the issue persists. If it doesn't, the original file might be corrupted.

If none of these solutions resolve the hash value error, it might be helpful to provide more specific details about the formulas you're using, the data you're processing, and any additional context. This will help in providing a more accurate solution tailored to your situation.

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