Buzz in outdoor control panel

Does this still happen when pool light(s) is off? Those low voltage lighting transformers are noisy. If not, I agree it is likely the main panel's step down transformer. Rubber washers placed under the feet of the transformer could help to reduce this buzzing.
 
Okay, so it's not the lighting then. Are you sure that the buzzing goes away when the pump is on, or is it just that the pump noise masks the buzzing from the panel? In either case, there really isn't much other than transformers and the occasional bad electrolytic that can make that sort of buzzing. Is the sound disturbingly loud? A recent development?
 
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