The efficiency for a propeller is calculated by energy coefficients. These coefficients are related to four types of losses, i.e. the axial, the rotational, the frictional, and the finite blade number loss, and one gain, i.e. the axial gain. The energy coefficients are derived by use of the potential theory with the propeller modelled as an actuator disk. The efficiency based on the energy coefficients is calculated for a propeller series. The results show a good agreement between the efficiency based on the energy coefficients and the efficiency obtained by a vortex-lattice method.