Water conservation is a pressing issue, especially in the Colorado River Basin, and agricultural water conservation programs (AWCPs) have been proposed as part of the policy response. If implemented, these programs would seek to achieve voluntary and temporary reductions in the amount of Colorado River water consumed by irrigated crops. By participating in AWCPs, producers would receive compensation for conserved consumptive use (CU) (i.e., a reduction in crop water use compared to a historical baseline), which would be stored in downstream reservoirs for other users. The producers would be compensated based on the amount of water conserved, the location, and the practice implemented. This compensation would enable them to receive financial benefits while contributing to preserving the Colorado River Basin. The reallocation of water to AWCPs would not risk abandonment of water rights if the conserved CU is temporarily enrolled in a state or federally approved program.