Not sure about etheric light... but I'm sure since your year one gear will scale up for year one activities in year 2, it'll be worth using on some of those awesome weapons you've obtained. As for the shards and energy, same thing would apply BUT you can use them to purchase glimmer and motes of light, which will have a major role in year 2. Hope that answers your questions guardians. Happy hunting!

Not only that but what about all the energy/shards...??