Combine the oil, sun-dried tomatoes and paprika in a small skillet. Bring to a low simmer over medium-low heat and swirl until the tomatoes soften, 2 to 3 minutes. Set aside to cool completely.
Combine the sun-dried tomatoes and oil with the beets and beet juice, peppers, garlic and 3/4 teaspoon salt in a medium bowl. Let sit at room temperature for at least 30 minutes for the flavors to meld. Puree in a blender with 1 cup cold water until very smooth. Transfer to a bowl or large liquid measuring cup and refrigerate until chilled, at least 1 hour.
Divide the soup evenly among four bowls. Sprinkle the chopped sun-dried tomatoes and peppers in each bowl. Garnish with beets chips and a dollop of sour cream, if using.
From Food Network Kitchens