We analyse lunar impact flashes recorded by our team during runs in December 2007, 2011, 2013 and 2014. In total, 12 impact flashes with magnitudes ranging between 7.1 and 9.3 in V band were identified. From these, nine events could be linked to the Geminid stream. Using these observations, the ratio of luminous energy emitted in the flashes with respect to the kinetic energy of the impactors for meteoroids of the Geminid stream is estimated. By making use of the known Geminids meteoroid flux on Earth we found this ratio to be 2.1 × 10−3 on average. We compare this luminous efficiency with other estimations derived in the past for other meteoroid streams and also compare it with other estimations that we present here for the first time by making use of crater diameter measurements. We think that the luminous efficiency has to be revised downwards, not upwards, at least for sporadic impacts. This implies an increase in the influx of kilogram-sized and larger bodies on Earth that has been derived thus far through the lunar impact flash monitoring technique.