5th generation systems (5G) will be based on Orthogonal Frequency Division Multiplexing (OFDM) multicarrier modulation technique. This modulation has a very high Peak to Average Power Ratio (PAPR). This high PAPR is a drawback when nonlinear Power Amplifiers (PA) are operated near the saturation region, for energy efficiency purposes, due to in-band and out-of-band impairments. In this paper, a new PAPR reduction technique called Iterative Dichotomy PAPR (IDP) is proposed. This method is suited for any multicarrier modulation and is studied here using realistic PA model. For evaluating the signal distortions, two main metrics have been considered to evaluate the performance of IDP technique: bit error rate (BER) and power spectrum density (PSD). The analytical expressions of the IDP technique for any dichotomy order M is firstly described and subsequently the energy efficiency for different M values is compared. We have shown that the proposed IDP method reduces the PAPR by 2.2dB for M = 2 and 4dB for M =4. Regarding the energy efficiency, for the same Error Vector Magnitude (EVM) and the same PA power consumption, the output signal power obtained with the IDP based technique outperforms classical OFDM by 20%, 50% and 80% for M =2, M =3 and M =4, respectively.