Heat a large skillet over low-medium heat. Add 1 teaspoon of the butter or ghee to the pan and saute onions and peppers until they are slightly tender. Remove onions and peppers from heat. Reduce flame to low.
While vegetables are cooking add eggs, heavy cream, salt, and pepper to a large bowl. Whisk for 1 minute until light and fluffy.
Add remaining butter to the pan and pour in the egg mixture, tilting the pan to spread into an even layer. When the bottom of the eggs are set and the top is slightly runny, add the vegetables, cheese, and crumbled bacon to one side of the egg circle. Carefully slide the omelette onto a plate, folding over to a half circle.