In a large skillet over medium heat, sauté the onions in the oil until soft and tender, about 6 minutes.
Add potatoes in a layer in the bottom of the pan and sprinkle with 1 tsp. salt and 1 1/2 tsp. pepper.
Cover and let cook for 5-10 minutes or until fork tender.
In a small bowl, mix together the eggs, remaining salt, remaining pepper and the bacon.
Pour over potatoes in the pan. Cook and stir gently until the eggs are just cooked through, about 2-3 minutes.
Sprinkle with cheese and let sit, covered, until melted.
Enjoy!