Just out of curiosity, why would you choose to use a TVS diode instead of a regular diode? If you used regular diode connected across the coil, the diode would not have to dissipate very much power at all. It only needs to be able to carry the same current that the coil was carrying just before it was turned off. That current will continue to flow and decay without ever generating a voltage any higher than 0.7 volts above the supply voltage. I can think of one reason for preferring a TVS diode. When a TVS diode is used instead of a regular diode, the current will decay much faster and the solenoid will stop producing a magnetic field much faster. This is rarely a concern, which is why regular diodes are so often used. Do you really have a need to turn off the solenoid exceptionally fast - faster than it would turn off if free-wheeling into a 0.7 volt diode?