The use of per-subcarrier antenna subset selection in OFDM wireless systems offers higher system capacity and/or improved link reliability.However, the implementation of the conventional per-subcarrier selection schememay result in significant fluctuations of the average power and peak power across antennas, which affects the potential benefits of the system. In this paper, power efficiency of high-power amplifiers and energy efficiency in per-subcarrier antenna selection MIMO-OFDM systems are investigated. To deliver the maximum overall power efficiency, we propose a two-step strategy for data-subcarrier allocation.This strategy consists of an equal allocation of data subcarriers based on linear optimization and peak-power reduction via cross-antenna permutations. For analysis, we derive the CCDF (complementary cumulative distribution function) of the power efficiency as well as the analytical expressions of the average power efficiency. It is proved from the power-efficiency perspective that the proposed allocation scheme outperforms the conventional scheme. We also show that the improvement in the power efficiency translates into an improved capacity and, in turn, increases energy efficiency of the proposed system. Simulation results are provided to validate our analyses.