Cook bacon about half way through (in whichever way you want), set aside to drain on paper towel.
Preheat oven to 325 degrees and set rack to the lower middle section.
In a deep skillet, heat about 2 Tbsp of bacon grease (or butter) over medium heat. Add diced onions and green peppers and sauté about 5 minutes, until softened.
Add remaining ingredients and stir to combine well. Let mixture simmer for a minute or two. While mixture is simmering, grease a 13 x 9 baking dish.
Pour beans into the prepared baking dish and lay cooked bacon on top of the beans.
Bake for 2 1/2 hours. Let beans stand for 5 minutes before serving.
