We present a method to speed up the acquisition of multispectral photoacoustic data sets by using unipolar orthogonal Golay codes as excitation sequences for the irradiation system. Multispectral photoacoustic coded excitation (MS-PACE) allows acquiring photoacoustic data sets for two irradiation wavelengths simultaneously and separating them afterwards, thus improving the SNR or speeding up the measurement. We derive an analytical estimation of the SNR improvement using MS-PACE compared to time equivalent averaging. We demonstrate the feasibility of the method by successfully imaging a phantom composed of two dyes using unipolar orthogonal Golay codes as excitation sequence for two high power laser diodes operating at two different wavelengths. The experimental results show very good agreement with the theoretical predictions.