It will be less efficient, yes. But it is still a net positive. If it is cheaper to build it there, you can just add more power to compensate for that loss in efficiency.
It will not be a 100% loss. For reference: the power loss of the transmission in the US is on average 5%. Let’s say it is double that, it is still very little in the grand scheme.
You could always quickly access it by just searching passwords on spotlight