Peonies thrive in sunny locations and well-drained soils, tolerating a
wide range of soil types. Best growth is in soil with a pH range of 6.5
to 7.5, and rich in organic matter. In cold climates, those with an
average minimum temperature below -20 degrees F, winter mulching is
necessary if there is little or no snow cover. Each plant requires an
area about three feet in diameter. Dig a generous hole, large enough to
accommodate the roots, and incorporate aged organic matter in the
bottom. Place the peony in the prepared hole so that the eyes (small,
red colored buds) are one to two inches below the soil's surface.
Backfill and water well.
Other References:
http://www.peonies.org/cgi-bin/faqindex.cgi