Bring 2 cups cold water to a boil in a saucepan or kettle. Put the tea bags in a heatproof pitcher and pour the boiling water over them. Let steep for 15 minutes.
While the tea steeps, put the peaches in a food processor and process for about a minute and a half, until they have become a smooth, thick liquid.
Press the tea bags gently against the side of the pitcher with a wooden spoon to extract the liquid remaining in the bags, and discard the bags. Add 4 cups cold water. Stir in the peach puree, and refrigerate for 45 minutes.
Strain the tea through a fine-mesh strainer or a folded-over piece of cheesecloth into a serving pitcher. Keep refrigerated until ready to serve (or for up to 3 days).
Pour the tea into tall glasses filled two-thirds to the rim with ice cubes.
Variation: Peach Tea Julep For each cocktail, pour 4 ounces (1/2 cup) Peach Iced Tea into a rocks glass filled with ice cubes. Add an ounce of your favourite bourbon or Jack Daniel's Tennessee Whiskey. Garnish with a slice of fresh peach.