if the wattage will go down because of a better efficiency, then more miners will be added = the same result as today(with more hashpower, but same consumption), you can't escape from that equation
the only thing to reduce it would be that bitcoin will remain at current price(after the halving), therefore miners need to shut down 50% of the total hash, unless they manage to double their efficiency in 1 year
so there is a percentage of possibility that nothing will change with the reward(besides the difficulty), highly unlikely though
The total cost of mining is usually similar to the block rewards.
It is still cheaper than cost of maintaining today's banking system, many many folds.