Ozone is the most powerful oxidant in common water treatment and it is used at municipal scale for good reasons. Whether it belongs in a house is a narrower question, and the answer depends on what else the water needs, how much equipment the household will maintain, and one byproduct consideration that rarely comes up in consumer material.
What it does well
It inactivates bacteria and viruses effectively, and it oxidizes dissolved iron, manganese and hydrogen sulfide into particles a filter can catch, so one stage addresses both the microbiological and the staining and smell problems that often occur together on a well. It adds no chemical to the water and decomposes back to oxygen, leaving no taste and no residual. For a household that dislikes chlorination on principle, that combination is the attraction.
What it demands
Considerably more than a lamp. A generator, an injector to dissolve the gas, a mixing arrangement, a retention tank for contact time, a safe vent to outside because ozone is harmful to breathe, and a filter to remove what has been oxidized. The generator's performance depends on the air fed to it: damp ambient air reduces output and forms corrosive byproducts inside the unit, which is why serious installations use dried air or oxygen. Every one of those parts is something to maintain.
The byproduct worth knowing about
Where source water contains bromide, ozonation can form bromate, which is a regulated disinfection byproduct at municipal scale. In practice this is a design consideration rather than a household emergency, and it is one reason ozone systems belong specified from a laboratory analysis rather than bought on the strength of the technology. If bromide is present in your source water, raise it with whoever is specifying the system rather than assuming the question does not apply at home.
How it compares
Against ultraviolet, ozone does more, oxidizing metals and sulfide as well as disinfecting, at the cost of much more equipment and a safety critical vent. Against chlorination, it adds nothing to the water and leaves no protective residual, and it is more complex to run. The EPA notes private wells are not federally regulated under the Safe Drinking Water Act, so the choice is the owner's and should follow the full analysis. Our purification services guide covers the alternatives.
Questions people ask about ozone water purification
What does ozone do that ultraviolet does not?
It oxidizes dissolved iron, manganese and sulfide into particles a filter can catch, as well as inactivating organisms.
Does ozone leave a residual?
No. It decomposes back to oxygen, so nothing protects the plumbing downstream of the contact stage.
Is there a byproduct concern?
Where source water contains bromide, ozonation can form bromate, which is why systems should be specified from an analysis.
What does an ozone system need?
A generator, an injector, mixing, a retention tank, a safe vent outside and a filter to catch what it oxidizes.