Grill the peaches until soft and caramelized, about 2-3 minutes per side. Remove from the grill.
Bring two cups of water to a boil. Remove from the heat and add the tea bags + basil. Cover and steep for 10 minutes. Strain the tea into a pitcher. Discard the tea bags and basil.
Meanwhile, place the grilled peaches and lemon juice in a blender and blend until completely smooth. If desired, you can strain the mixture through a thin kitchen cloth to remove the pulp. Just make sure to squeeze all the juice out.
Add the remaining 3 cups cold water, the peach/lemon mixture, the honey and lemon zest to the pitcher with the basil tea. Place in the fridge and chill until cold, at least one hour. Taste. If too sweet add another cup of cold water or more ice cubes.
Serve over ice and garnish with grilled peaches, basil and lemons if desired. Enjoy!