Thatâ€™s a very good question Nova and one that I cannot answer in quantitative terms. If you are trying to assess home value based on the lower priced unities it can be very tricky.
The true determining factor of home values is what values buyers have in a particular market. So if a market values low priced utilities highly then areas like Santa Clara would certainly be in higher demand. In this area what tends to be valued highly are school districts, quiet and safe neighborhoods, and well established communities.
In terms of utilities that are unique to Santa Clara we have electricity, garbage, water, and sewer and still uses Pg&E for gas. Typically these are all lower than San Jose utilities and Pg&E. However, Sunnyvale has very reasonable water and garbage utilities but utilizes Pg&E for electricity and gas. Mountain View has what I consider to be high water costs, but average sewer and garbage, and again utilizes Pg&E. However, both Mountain View and Sunnyvale have higher median home prices than Santa Clara.
From a real estate stand point I see Santa Clara utilities as a big plus, but not a major factor in the minds of home buyers in this area. However, if you ask a Santa Clara resident they will typically take pride in their low cost utilities and tell you they wouldn't consider living in any other city for that reason. So there is value there but just difficult to measure.
I'm sorry I wasn't able to answer your question specifically but I hope I provided you some useful information.