Compound Modifier Confusion!

I know "energy-efficient air conditioner" should be hyphenated as it is a compound modifier and cannot stand by itself (i.e. energy air conditioner doesn't make sense; it has to be energy-efficient air conditioner). But what about "energy effiency programs"?? Efficiency ends in -cy, not -t. And "energy programs" and "efficiency program" do make sense without the hyphen... what to do? What to do?
Thanks!