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Environmental issues and the need to reduce energy consumption for lowering operating costs have pushed power efficiency to become one of the major issues of current research in the field of wireless networks. This paper addresses a number of multiple input multiple output (MIMO) precoding and scheduling techniques across the PHY and MAC layers that can operate under a reduced link budget and collectively improve the transmit power efficiency of a base station, while maintaining the same levels of service. Different MIMO transmission and precoding schemes proposed for LTE, achieving varying degrees of multiuser diversity in both the time, frequency as well as the space domain, are examined. Several fairness-aware resource allocation algorithms are applied to the considered MIMO schemes and a detailed analysis of the tradeoffs between power efficiency and quality of service is presented. This paper explicitly examines the performance of a system serving real-time, VoIP traffic under different traffic loading conditions and transmit power levels. It is demonstrated that by use of efficient scheduling and resource allocation techniques significant savings in terms of consumed energy can be achieved, without compromising QoS.