I don't think energy is the problem. Fuel IS energy, bound densely in a transportable and storable form. You either get it from a natural reserve (like oil) or you have to make it yourself some other way, by inputting the energy to be stored, and that will ALWAYS involve collection, concentration, and conversion of energy, and that will never be "cheap", because ultimately all "cheap" means is "not requiring a lot of energy". And as we're finally coming to terms with, you can't just keep relying on conveniently collected, concentrated, and packaged energy laying around just waiting to be picked up.
When it comes right down to it, we may NEVER find a more convenient and energy-dense form of fuel than gasoline. (or other hydrocarbons) We could be working harder on technology to create gasoline (or some other form of hydrocarbon) from other sources of energy, but the biggest complaint I see is that it's too expensive to make. IE it requires more energy input. But it creates a more energy-dense fuel, that's easier to transport. But the public doesn't see it as a "good value" yet because there's still a lot of hydrocarbons just lying around to be picked up. That's changing of course, but it's going to be awhile before it reaches the tipping point,
Most chemical fuels are things that can be stored and later combined with oxygen (burned) to release energy. You could even say that the energy isn't in the gasoline or the hydrogen, it's in the oxygen in the air that's the actual fuel, and all we're carrying around is the catalyst to harvest the energy out of the air. Hydrogen is the best thing to combine with oxygen for energy release, and it's he hydrogen in the hydrocarbon that we're using. (but then we have that pesky carbon to get rid of, and we choose to release it into the air as CO2 instead of say, storing or recycling it, because it's more convenient)
But that carbon is very useful in increasing energy density by tying that hydrogen down so we can store it as a liquid instead of as a gas. We just traded problems, we got rid of the pesky carbon, but now we have to store our fuel as a gas. It really wasn't a very good trade-off, just look at all the problems that hydrogen has that gasoline lacks.
Getting back to your comment though, hydrogen generation by hydrolysis has NEVER been "cheap" because you're storing just about the maximum amount of energy by splitting hydrogen from water. It will ALWAYS take a lot of energy input because that's what you're doing - concentrating and packaging energy. Energy IS the product. The problem boils down to exactly two things: (1) find an abundant source of energy, and (2) reduce inefficiencies in the packing process. That's it, just those two things. Solar is a no-brainer for power but the middle east is naturally using their oil to do it. That's not a long-term solution of course. As for efficiency, we're already pretty good at that, there's not a lot less to optimize.
So what that means is it's NOT going to get "cheaper", because we're nearing the theoretical max. It only LOOKS like we might be able to get the cost down because of how expensive it currently is. The requirement for energy input is NOT negotiable. So almost all of hydrogen's production cost is a fixed-cost, that can never be reduced.
In summary, hydrogen will NEVER be a "cheap" source of energy. It's already very close to its theoretical lowest "price". All that can happen now is the cost of production of OTHER fuels will continue to rise, making hydrogen look better.