Solvents can have a significant impact on the reaction rate by altering the activation energy and the frequency of collisions between reactant molecules. Polar solvents, for instance, can stabilize charged transition states through solvation, thereby lowering the activation energy and increasing the reaction rate. Non-polar solvents, on the other hand, may have a lesser impact on the activation energy but can still influence the reaction by altering the solubility of the reactants.