  Second generation quantum technologies aim to outperform classical
alternatives by utilizing engineered quantum systems. Maintaining the coherence
required to enable any quantum advantage requires detailed knowledge and
control over the noise the hosting system is subjected to. Characterizing noise
processes via their power spectral density is routinely done throughout science
and technology and can be a demanding task. Determining the phase noise power
spectrum in leading quantum technology platforms, for example, can be either
outside the reach of many phase noise analyzers, or be prohibitively expensive.
In this work, we present and characterize a cost-effective optical phase noise
analyzer for quantum technology applications. Using this setup we compare two
$\approx1\ \rm{Hz}$ linewidth ultra-stable oscillators near $729\ \rm{nm}$,
using them as references to determine and discuss the noise floor achieved in
this measurement apparatus with a focus on limitations and their tradeoffs. The
achieved noise floor in this implementation of a low-cost, all-stock component,
low-complexity phase noise analyzer compares favourably to commercial
offerings. This setup can find application in particular without a more stable
reference or operational quantum system as sensor as would be the case for many
component manufacturers.
