Power allocation is critical for location-aware networks, since transmitting power greatly affects localization accuracy and determines the lifetime of wireless networks. In this paper, we formulate a game-theoretic power allocation scheme for anchors that can achieve a desirable trade-off between power consumption and localization accuracy. We derive the closed form expression for the best response strategy of each anchor in the single agent scenario, and prove the existence of Nash Equilibrium (NE). We further propose a distributed algorithm to implement our proposed scheme. Numerical results show that our scheme can guarantee a given accuracy with a higher energy efficiency, comparing to the exhaustive scheme.