1. In a large bowl, stir together cream cheese, jalapeño, garlic powder, salt and pepper.
2. Butter one side of each slice of bread. On the other side of two slices, spread a thin layer of the cream cheese mixture.
3. In a large skillet over medium heat, add bread with cream cheese mixture, buttered-side down. Top with 1/2 cup Cheddar and half the bacon, then top with another 1/2 cup Cheddar cheese. Top with remaining slice of bread, buttered-side up.
4. Cook until cheese is melted and bread is golden, 4 to 5 minutes, then flip and cook 5 minutes more.