Add the bacon and cook until crisp. Remove, drain and reserve 1 tbsp of the bacon fat. When bacon is cool finely chop it

Add the onion and 1 tsp kosher salt and sauté until translucent, about 10 minutes. Add the brown sugar and turn heat to low. Cook for another 20 minutes until onions are caramelized

Add the bacon and water and simmer on medium stirring about every 5 minutes until the mixture has darkened and jam like. Add the balsamic to taste.