Experimental measurement of relevant parameters over the last 5 years have brought us to the point where an accurate reassessment of the thermospheric heating efficiency for solar ultraviolet photons is possible. We report here the outcome of a steady state calculation applicable to mid-latitudes. The results are found to be significantly different from an earlier determination, both in magnitude and in variation with altitude. The heating efficiency is approximately 50% near the peak of the extreme ultraviolet energy deposition and falls to approximately 10% near 400 km. The implications for our understanding of the thermospheric energy budget are significant. We quantify the various energy channels by which solar energy is transferred to the neutral atmosphere and compare summer/winter and solar maximum/solar minimum conditions.