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> I then learned that the energy draw of running the low-volt transformer all the time - especially one large enough to supply an entire house of lighting - would more than cancel out energy savings from powering lower voltage fixtures.

That's not a constraint of physics, you can absolutely build a DC power supply that is efficient in a wide load range. (Worst case it might involve paralleling and switching between multiple PSUs that target different load ranges.) But of course something like that is more expensive...

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> But of course something like that is more expensive...

More expensive than an inefficient unit, but it should still be a lot cheaper than 120 separate units, right?

And I expect one big fat unit to do a better job of smoothing out voltage and avoiding flicker than a bunch of single-light units. Especially because the output capacitors are sized for the entire system, but you'll rarely have all the lights on at the same time.

Though for efficiency I'd think you'd want 48v and not 12v.

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