Add the water and grits to a saucepan over medium heat; bring to a simmer covered with a lid. Season with salt and pepper. Whisk occasionally to prevent any sticking. Cook according to the instructions on the package until they are creamy. (Grits are done when they have a smooth, creamy consistency.) Remove from the heat and stir in the cheese and chipotle; season with salt and pepper to your desired taste. Set aside with a lid on to keep warm.
Place the bacon in a nonstick pan on medium heat. Cook until the bacon is golden brown and crisp. Remove with a slotted spoon onto paper towels to drain excess grease.
In the same pan with the bacon grease over medium heat, crack in the eggs. Cook until the whites of the eggs are firm and yolk is soft. (Cover with a lid and add 1 to 2 tablespoons of water to help cook the whites of the eggs.
Place the eggs over the grits and top with bacon and scallions. Season with salt and pepper. Serve with toast and peach.
Notes
Pro tip: Place the peach in a brown paper bag for 1 to 2 days to accelerate ripening