Preheat oven to 400 degrees fahrenheit.
Heat the olive oil in a saucepan and add onions.
Sautee for five minutes, add garlic and cumin and cook for a few minutes until onions are translucent. Remove from heat.
Cut butternut squash in half and remove seeds.
Place the squash and peppers, cut side down, on a foil lined baking sheet that has been brushed or sprayed with a little olive oil.
Roast the peppers for 25-30 minutes and the squash for 45 minutes.
Once the squash is cool enough to handle, scoop the insides out and place in the pan with the onions and garlic.
Turn the heat back on to medium and add the water.
Simmer the vegetables for 10 minutes and then puree until smooth with an immersion blender, blender or food processor.
Remove the skin from the peppers and cut into a medium dice.
Add the peppers, fresh sage, salt and pepper to the soup and stir.
Add additional water if soup seems too thick.
Season to taste with salt, pepper and cumin as needed.
Serve with fresh herbs, sour cream and herbed croutons as desired.