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Preheat oven to 400 degrees. I put my bacon on a wire cooling rack in a baking sheet and bake it in the oven. If you prefer, you can cook your bacon on the stovetop. I just love how it cooks in the oven.
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Boil potatoes in a large pot in salted water. Be sure to use a good bit of salt this is your only chance to get the potatoes salted. Cook until about 1/2 to 3/4 done, you do not want to cook them all the way done yet or overcook them. They will turn to mush if you do. They will finish cooking when everything is put together. Drain potatoes.
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While your potatoes are cooking, in a sauce pot, melt the butter on about medium heat.
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Once melted, add flour. Let flour sit for about 1-2 minutes. You don’t want to have a flour taste in your soup. Then blend it with the melted butter with a whisk. Watch your temperature and turn it down to low. You don’t want to over brown your butter/flour.
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Add 1 can (about 2 cups ) evaporated milk and whisk with the flour/butter mixture until smooth. Cut Velveeta into large chunks and add to the pot to melt.
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Stir with your whisk to blend it all together. It should come out smooth and creamy.
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Once your potatoes are drained add them back to your large pot and pour in 6 cups of evaporated milk. Turn heat up to medium. Once the soup is a little warm, add the sauce from the other pot and stir gently to combine. You want your soup to be on a low simmer for about 20 minutes. But watch your temperature so you don’t scorch the soup on the bottom. You can always turn it down if you think it’s too hot.
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Once the soup is good and warm it’s time to add your seasonings. I start with about 1/2 tsp. salt and 1/4 tsp. of pepper, because you can always add more but you can’t take it out! Add the onion powder, garlic, and cayenne. Allow to cook for about 10 minutes and then taste and adjust the seasonings to your taste.
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When the potatoes are nice and tender and the soup is good and warm, then it’s done! Time to eat! Top bowls of soup with crumbled bacon and shredded cheddar cheese. Enjoy!