(g) Environmentally sound and economically feasible water conservation measures means those measures, methods, technologies or practices for efficient water use and for reduction of water loss and waste or for reducing a withdrawal, consumptive use or diversion that:

1. (1) are environmentally sound;
2. (2) reflect best practices applicable to the water use sector;
3. (3) are technically feasible and available;
4. (4) are economically feasible and cost effective based on an analysis that considers direct and avoided economic and environmental costs; and
5. (5) consider the particular facilities and processes involved, taking into account the environmental impact, age of equipment and facilities involved, the processes employed, energy impacts and other appropriate factors.