We present thermally tunable silicon racetrack resonators with an ultralow tuning power of 2.4 mW per free spectral range. The use of free-standing silicon racetrack resonators with undercut structures significantly enhances the tuning efficiency, with one order of magnitude improvement of that for previously demonstrated thermo-optic devices without undercuts. The 10%-90% switching time is demonstrated to be ~170 µs. Such low-power tunable micro-resonators are particularly useful as multiplexing devices and wavelength-tunable silicon microcavity modulators.