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Herbaceous, Intersectional, and tree peonies thrive with the same general care. There are some slight differences in the preferred range of sun as noted below.
Soil All peonies prefer a fertile, well-drained soil. They do not like to have wet feet, so heavy, poorly-drained clay is not advisable. Sand does not hold enough nutrients or moisture, so peonies planted in sand will also suffer.
Sun
Nearby Plants Herbaceous peonies do not like to have root competition. Plant them far away from large trees and shrubs. Plant other herbaceous material at least 12 inches away from the crown of the plant. Tree peonies can tolerate other trees and shrubs, but too much shade is detrimental.
Fertilizing If you would like to fertilize your peony, you can use tulip fertilizer. This will provide nutrition to the plant and encourage blooming. Fertilize in the spring when plants are emerging from the ground. Add the fertilizer around the drip-line of the plant - not directly on the crown which can burn the plant.
Watering Once established, peonies require very little water. However, during the first year, it is critical to provide enough water. Mature plants can benefit from a deep watering during especially dry periods. Remember, peonies do not like to be sitting in water, so be careful not to overdo it.