Basically, you convert your lawn to water-efficient landscaping. Southern Nevada Water Authority customers get a rebate of $1.50 per square foot of converted lawn. To begin, you need to visit their website and follow their guidelines. Don't start the conversion without applying for the rebate first. Click here for all the details.
According to the SNWA website:
Every square foot of grass replaced with water-smart trees, shrubs and flowers saves an average of 55 gallons of water per year, so you'll also save money on your monthly water bill.
Save money and do something good for the environment. Not a bad deal.