Place butter along with the carrots, celery, onion and red bell pepper into a soup pot and saute the vegetables over medium heat until crisp tender, approximately 8-10 minutes.
Add to the pot, the potatoes, salt and water and boil for about 20 minutes or until the potatoes are cooked.
While the potatoes are boiling, fry the bacon until crisp and drain. Cut the bacon into bite sized pieces.
Use a potato masher or an emersion blender to partially mash about 1/4 of the potatoes and vegetables.
Add the bacon, milk, evaporated milk, cheese, parsley and pepper to the soup pot. Allow the cheese to melt, stirring occasionally.
Serve warm and enjoy.