In a medium saucepan over medium heat, combine the peaches, 1 1/2 cups water, Swerve, and allulose. Bring to a simmer, and cook until the peaches are very soft, about 10 minutes. Cover the pan and let sit another 10 minutes to infuse.
Mash the peaches with a woodend spoon or potato masher. Strain through a seive into a bowl, pressing on the solids to release as much juice as possible. Let the peach syrup cool completely.
Bring the remaining water to a boil. Remove from heat and add the tea bags. Let steep 3 to 5 minutes. Remove the tea bags and let the tea cool completely.
Combine the tea and peach syrup in a large pitcher. Taste and adjust sweetness as desired. Fill glasses with ice and pour tea overtop.