A new lattice model is presented for correlated electrons on the unrestricted 4 L-dimensional electronic Hilbert space⊗ n= 1 L C 4 (where L is the lattice length). It is a supersymmetric generalization of the Hubbard model, but differs from the extended Hubbard model proposed by Essler, Korepin, and Schoutens. The supersymmetry algebra of the new model is superalgebra gl (2| 1). The model contains one symmetry-preserving free real parameter which is the Hubbard interaction parameter U, and has its origin here in the one-parameter family of inequivalent typical 4-dimensional irreducible representations of gl (2| 1). On a one-dimensional lattice, the model is exactly solvable by the Bethe ansatz.