* A cheaper, cleaner energy source might outcompete fossil fuel. Less air polution, yay!
* Cheaper energy would significantly increase energy consumption. Think Jevons paradox[0]. The effect of that increased heat production on global warming can't be good...
* Globally stabilising geopolitical effect. Less dependence on geographically confined scarce energy resources like Middle Eastern/Siberian/Venezuelan oil, Sahara sun, ... thanks to a globally available basic resource.
Any other obvious effects I'm missing?