According to SF Gate, there are several low-fat alternatives to heavy whipped cream, including 1 percent milk and low-fat cream cheese. Generally, the type of heavy cream substitute an individual uses depends on the recipe.
Whipped 1 percent milk works well as a substitute for whipped cream and can be used on top of desserts or drinks. However, whipped milk only stays fluffy for about half an hour. Another low-fat alternative to heavy cream is fat-free half-and-half. Fat-free half-and-half can be whipped to create whipped cream and can also be used to thicken sauces or add creaminess to various dishes.