In this paper, Multirate Partial Differential Equations (MPDEs) are used for the efficient simulation of problems with 2-level pulsed excitations as they often occur in power electronics, e.g., DC-DC switch-mode converters. The differential equations describing the problem are reformulated as MPDEs which are solved by a Galerkin approach and time discretization. For the solution expansion two types of basis functions are proposed, namely classical Finite Element (FE) nodal functions and the recently introduced excitation-specific pulse width modulation (PWM) basis functions. The new method is applied to the example of a buck converter. Convergence, accuracy of the solution and computational efficiency of the method are numerically analyzed.