Despite recent advances in FPGA devices and embed-ded cores, their deployment in commercial products remains rather limited due to practical constraints on, for example, cost, size, performance, and/or energy consumption. In this paper, we address the latter bottleneck and propose a novel FPGA interconnect architecture that reduces energy consumption without sacrificing performance and size. It is demonstrated that the delay of a full-swing, fully-buffered interconnect architecture can be matched by a low-swing solution that dissipates significantly less power and contains a mix of buffer and pass-gate switches. The actual energy savings depend on the specifics of the interconnect design and applications involved. For the considered fine-grain FPGA example, energy savings are observed to range from a factor 4.7 for low-load critical nets to a factor 2.8 for high-load critical nets. The results are obtained from circuit simulations in a 0.13µm CMOS technology for various benchmarks.