Preheat oven to 375 degrees F.
Bring water to a boil in a pot (enough to cover potatoes). Add the potatoes and bring back to a boil again. Cook for about 15-20 minutes, uncovered, or until tender and a fork easily pierces through. Drain and transfer potatoes to a bowl.
While the potatoes are boiling, cook the bacon in a large skillet until crispy. Transfer to a plate lined with paper towel to drain excess fat. Chop the bacon and set aside.
Using a potato masher, mash the drained potatoes along with the sour cream, heavy cream, melted butter, garlic powder, and salt and pepper to taste. Fold in 1 cup of the shredded cheese into the potato mixture.
Transfer mixture to a slightly greased 9x13 inch baking dish. Top with the remaining 1 ½ cups of shredded cheddar cheese. Cover tightly with aluminum foil and bake at 375 degrees F for 25 minutes.
Remove from oven and remove the aluminum foil. Top with the chopped cooked bacon and bake for another 10-12 minutes (uncovered), or until the cheese is bubbly.
To serve, garnish with chopped chives or scallions. Enjoy!