Not just discovery. We already have plenty of measure to either use energy more efficiently (such as improved insulation in a home) or things like renewable energy. And as you say, the cascade of energy use into many more aspects of the economy than people expect should trigger a realignment of consumption to means that are less likely to have energy-based externalities somewhere in their supply-chain or operation.

> Or is it simply we must accept a lower standard of living permanently

Depends upon the implementation. If we are replacing existing taxes (like corporate or income tax), or refunding the amount (via a citizen dividend or similar) the net impact shouldn't be a lower standard of living, though the distribution will affect people differently.