Preheat oven to 450 degrees.
In a skillet, cook chopped bacon. Drain grease, place in a bowl and set aside. Using a fork, poke holes all over potatoes-ensuring each poke reaches the middle of the potato. Line potatoes on a baking sheet, and sprinkle with salt, pepper, and olive oil. Bake at 450 degrees for 45 minutes. Remove potatoes from oven, and cube potatoes into even pieces. Add potato cubes to a baking dish.
In a bowl, melt butter, then whisk in the ranch packet. Mix until clumps have dissolved. Pour ranch/butter mix evenly over potatoes. Add half of the bacon bits to the potatoes, then sprinkle cheddar cheese on top. Top with remaining bacon and green onion.
Lower oven temperature to 350 degrees. Return potatoes to oven, and bake for an additional 20 minutes.
Use sour cream for garnish.