In a large sauce pan over medium-high heat, cook bacon until crispy (approx. 6-8 min). Remove bacon from pan and set aside. Chop when cooled.
Reserve 1 Tbs bacon grease in the pan. Add 2 Tbs butter to pan. Add diced onions, red bell pepper, and jalapeno. Saute until the onions are translucent, approx. 4-5 minutes.
Stir in gluten free flour and guar gum (if not in blend) and stir occasionally for 2 minutes. Pour in 4 cups of chicken broth, stirring well to dissolve the flours. Add potatoes, corn and thyme and bring to a boil. Reduce heat to medium and cook for 20 minutes, stirring occasionally.
Add half n' half and continue simmering for another 10 minutes, stirring occasionally.
Add 1 ½ cups shredded cheddar cheese and stir until all of the cheese is melted and then turn off the heat.
Serve approx. 2 cups of soup in each bowl, topping with remaining shredded cheddar cheese, bacon and green onions.