This paper presents a method to deal with the illposed and rank-deficient linear systems arising from accelerated partial element equivalent circuit-based electromagnetic simulations via a reluctance method. Since conventional, direct methods, cannot be used to solve these kind of problems, regularization techniques need to be employed. Among various regularization techniques, a least square-based method entitled LSQR is utilized to solve the rank-deficient problems. The proposed method is specially proper for the models where capacitive couplings can be neglected, since magnetic field is the dominating factor, like problems within power electronics area. The correctness of the presented PEEC-based solver is ensured by studying bus bar models which are a part of a frequency converters with the application in power electronics.