A useful abstraction for code efficiency is to partition it in three categories of time, each about 3 orders of magnitude apart.
First is human-time. There's a lot you can do when you only need to keep a person happy with the performance of your code. Humans cannot perceive the difference between code that needs 10 milliseconds or 20 milliseconds, both look instant. And a human is forgiving when a program needs 6 seconds instead of 5, roughly 3 billion machine instructions more. Common examples of programs that run at human-time are compilers and point-and-click designers. Using reflection is almost never a problem.
Then there is I/O-time. When your program needs to hit the disk or the network. I/O is slow, restricted by mechanical motion in the case of the disk, bandwidth and latency in the case of a network. You can always tell when I/O is the bottleneck, your program is running but it isn't driving up the CPU load much. The operating system is constantly blocking the thread, making it wait until the I/O request is complete.
Reflection operates at I/O-time. To retrieve type data, the CLR must read the assembly metadata. And when that wasn't done before, your program will cause a page-fault, requiring the operating system to read the data from disk. What follows is that, roughly, reflection can make I/O bound code only twice as slow. Usually better because after the first perf hit, the metadata is cached and can be retrieved a lot quicker. Reflection is thus often an acceptable trade-off. The canonical example is serialization.
Then there's machine-time. The raw performance of a CPU core, when it isn't bogged down with reading data from RAM, is stupendous. A property getter can execute in somewhere between 0 and 1/2 a nanosecond. This does not compare favorably with, say, PropertyInfo.GetValue(). Both will keep the CPU busy, you'll see the CPU load for the core at 100%. But GetValue() costs hundreds if not thousands of machine code instructions. Not counting the time needed to page in the metadata. While not much an incremental time, it builds up fast when you loop.
If you cannot classify your reflection code in the human-time or I/O-time categories then reflection is unlikely to be an appropriate substitute for regular code.