An energy based planar depth representation is proposed to obtain an efficient depth compression tool for 3DV applications. The proposed segmentation-based depth compression approach is designed by reflecting the rate-distortion tradeoff into the energy terms. A PEARL based algorithm is developed to obtain the planar approximations of depth images. Lastly depth reconstruction and novel view rendering results of the proposal compared with the state-of-the-art methods. The experiments show that the planar approach performs superior rendering results than JPEG 2000 and HEVC standards.