Voltage scaling is one of the most effective techniques for providing power savings on a chip-wide basis. However, reducing supply voltage in the presence of process variation introduces significant reliability challenges for large SRAM arrays. In this work, we demonstrate that the emergence of SRAM failures in delay sensitive L1 caches presents significant impediments to voltage scaling. We show that increases in the L1 cache latency would have a detrimental impact on a processor's performance and power consumption at aggressively scaled voltages. We propose techniques for L1 instruction/data caches to enable deep voltage scaling without compromising the L1 cache latency. For the data cache, we employ fault-free windows to adaptively hold the likely accessed data using the fault-free words within each cache line. For the instruction cache, we avoid the addresses that map to defective words by relocating basic blocks. During high voltage operation, both L1 caches have full capability to support high-performance. During low voltage operation, our schemes reduce Vccmin below 400mV. Compared to a conventional cache with a Vccmin of 760mV, we reduce the energy per instruction by 64%.